LOUISVILLE, Ky. (WDRB) -- A health care technology company with Louisville roots is headed for the stock market more than 20 years after its founding.
Waystar, which began locally in the late 1990s as ZirMed, filed a registration statement Monday with the U.S. Securities and Exchange Commission, the primary hurdle toward becoming a publicly traded company.
Waystar sells cloud-based software that simplifies health care payments.
"Put simply, our software helps providers get paid faster, accurately, and more efficiently, while ensuring patients receive a modern, transparent, and consumer-friendly financial experience," the company said in the filing.
The company’s registration statement shows Waystar has a fast-growing business that hasn’t turned a profit in the last two years.
Waystar — the product of numerous sales and corporate mergers over the years — is dually headquartered in Louisville, where ZirMed built the 11-story office building at 888 W. Market St. in 2009; and in Lehi, Utah — near Salt Lake City — where the company opened an office in 2020.
The Utah office is listed as its principal office in the SEC filing, but Waystar employs about 540 in Louisville, according to Louisville Business First.
A spokesperson for the company declined an interview and did not respond when asked about Waystar’s post-IPO plans.
Waystar CEO Matt Hawkins told WDRB in 2018 that he splits time between the company's many hub cities and that the company felt no need to name a traditional headquarters.
Waystar was most recently valued at $2.7 billion in 2019 when new investors bought a controlling stake in the company from Boston-based Bain Capital.
