Weave Communications shares surged on Tuesday after the healthcare software maker agreed to be acquired by private equity firm Francisco Partners in an all-cash transaction valued at about $650 million, sending the company toward a return to private ownership. Shareholders are set to receive $7.40 per share in cash, representing a roughly 34% premium to Weave's unaffected closing price on Aug. 17, while the stock finished at $7.29, up 31.8% on the day. Ademi LLP is investigating the transaction for potential breaches of fiduciary duty and other legal violations, including terms of the merger agreement that the firm is examining. Weave's board unanimously approved the deal and recommended that shareholders support it. Chief Executive Officer Brett White said the partnership would help Weave increase investment in its AI-powered patient engagement and payments platform and expand its payments and revenue cycle management capabilities. The deal is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approval, as private equity firms continue to target software businesses with recurring revenue and exposure to healthcare IT demand.