(Reuters) – Swedish private equity fund EQT Partners and Canada Pension Plan Investment Board (CPPIB) said on Monday they would buy a majority stake in Waystar from Bain Capital, valuing the healthcare technology company at $2.7 billion.

Bain Capital will retain a minority share in Waystar.

The deal, which is expected to close later in 2019, is the latest in a string of healthcare technology company investments.

In February, PE firm Veritas Capital and hedge fund Elliott Management bought U.S. healthcare software maker Athenahealth Inc for about $5.7 billion, and in July, PE funds of Leonard Green & Partners and affiliates of Ares Management Corp acquired health tech company Press Ganey Associates.

Waystar, formed in 2017, provides software to manage revenue for employees of more than 450,000 healthcare providers, including hospitals.

Barclays and Triple Tree are financial advisers to EQT, and J.P. Morgan and Deutsche Bank are to Bain Capital.

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