Waystar Holding Corp., a healthcare software company valued at around $5.1 billion, is evaluating strategic alternatives including a potential sale that could return the provider to private ownership two years after its initial public offering. Evercore is advising on the early-stage process, though the plans could change and no transaction may materialize. Shares rose 8.6% to $27.05 following the reports. Barclays set a new price target of $30. The stock had fallen 24% this year amid a broader software-sector selloff and concerns that artificial intelligence could disrupt software companies. Waystar reported second-quarter adjusted earnings of 43 cents per share, above the 40-cent consensus estimate, while revenue of $319.67 million exceeded expectations of $316.16 million. It raised its 2026 adjusted earnings outlook to $1.61-$1.70 per share from $1.59-$1.68 and lifted the low end of its revenue forecast to $1.276 billion, leaving the range at $1.276 billion-$1.294 billion. William Blair said deal pricing could be decisive, estimating that a potential offer in the low- to mid-$30s per share may be needed to support a transaction involving Advent International, Iodine Software's largest shareholder.