Francisco Partners has entered a definitive agreement to acquire NYSE-listed Weave Communications for approximately US$650 million, taking the AI-powered patient-engagement platform private in a deal announced August 18 in Lehi, Utah.
$7.40 per share, 34% premium
Weave stockholders will receive US$7.40 per share in cash — a 34% premium over the company's August 17 unaffected closing price. The Weave board unanimously approved the transaction after a market check with both strategic and financial buyers, and expects the deal to close in Q4 2026 pending shareholder and regulatory approvals.
Vertical healthcare AI, 40,000 practices deep
Founded in 2008, Weave sits at the center of how independent dental, optometry, veterinary and medical offices communicate with patients and collect revenue. Its always-on agentic AI teammate handles voice and text interactions, insurance verification, scheduling and payments across more than 40,000 customer locations. CEO Brett White said the FP tie-up will let Weave “deepen our payments and revenue-cycle management capabilities” and invest more heavily in the AI platform.
Francisco Partners doubles down on vertical SaaS
With more than US$75 billion raised and 500+ tech investments since 1999, Francisco Partners has quietly become one of the most active healthcare-software buyers in private equity. Co-President Ezra Perlman called Weave's platform “difficult to build and harder still to replicate,” while Principal Nick Nelson flagged room to grow through product innovation and adjacent services. The take-private echoes other recent healthcare AI consolidations, including Hinge Health's $105M pickup of Cylinder Health.
Advisors and next steps
Jefferies LLC is exclusive financial advisor to Weave with Orrick, Herrington & Sutcliffe as legal counsel; Kirkland & Ellis is advising Francisco Partners. Once closed, Weave will delist from the NYSE and keep its Lehi headquarters. The deal lands alongside a broader wave of AI M&A activity — CB Insights counted 266 AI deals in Q1 2026 alone, up 90% year-on-year — and follows Weave's healthcare peers scaling up across the AI patient-workflow stack.
Reporting based on coverage from Business Wire, Yahoo Finance, Nasdaq and the companies' newsrooms.