Weave Communications, the 904-employee healthcare software company headquartered on Powell Way in Lehi, will go private in a $650 million all-cash deal with San Francisco-based private equity firm Francisco Partners.

The acquisition, announced Tuesday, Aug. 18, pays stockholders $7.40 per share, a 34% premium over WEAV's $5.53 closing price on Monday, Aug. 17. Weave's board unanimously approved the deal and will recommend shareholders vote in favor at a special meeting yet to be scheduled.

The company said it will keep its Lehi headquarters and continue operating under the Weave name after delisting from the New York Stock Exchange.

A steep discount from IPO highs

The $650 million price tag marks a dramatic fall from Weave's peak. The company went public on Nov. 11, 2021, pricing its IPO at $24 per share, but the stock never traded above $22.40, the intraday high set on its first day. By Monday's close at $5.53, shares had fallen roughly 71% from that high, according to Motley Fool market data.

At the buyout price, Francisco Partners is paying about 2.7 times Weave's trailing annual revenue of $239 million, according to TechBuzz News. During the 2021 IPO era, the stock traded at more than 12 times revenue.

The business itself has been growing. Weave reported second-quarter 2026 revenue of $67.5 million, up 15.5% year over year, and guided full-year 2026 revenue of $273 million to $275 million. As of early 2026, more than half of its 40,000-plus customer locations were using AI tools embedded in the platform.

What it means locally

CEO Brett White said in the announcement that the partnership will let Weave "enhance our ability to invest in our AI platform, deepen our payments and revenue cycle management capabilities, and further our vision of a better healthcare experience at every practice."

The deal deepens Francisco Partners' Utah footprint. The firm completed a $1.125 billion acquisition of AdvancedMD, a medical-office software company headquartered in South Jordan, in December 2024. Together with Weave's front-office patient engagement tools and Merative, a data-analytics unit carved from IBM's Watson Health, Francisco Partners is assembling a healthcare tech portfolio with operations in both Lehi and South Jordan.

That matters here. The combined stack spans patient communications and scheduling (Weave), clinical workflows and billing (AdvancedMD) and enterprise analytics (Merative), all serving small and mid-sized medical, dental, optometry and veterinary practices.

Weave employs approximately 904 people and added about 50 positions over the past year. The press release makes no mention of post-close workforce plans, and the company has not publicly stated how many of those employees work at the Lehi office versus remotely.

What happens next

The deal requires stockholder and regulatory approval. Weave's SEC 8-K filing states the company will announce a special meeting date "as soon as practicable" and file a proxy statement. No date has been set.

The transaction is expected to close in the fourth quarter of 2026.