Weave to acquire TrueLark for $35 million, enhancing AI services

LEHI, Utah - Weave (NYSE: WEAV), a customer experience and payments platform for healthcare SMBs with a market capitalization of $809 million and impressive 71.4% gross margins, has announced its plan to acquire TrueLark, an AI-powered virtual receptionist service. According to InvestingPro data, Weave has demonstrated strong revenue growth of nearly 20% over the last twelve months. This move, valued at $35 million, aims to integrate TrueLark’s AI capabilities with Weave’s communication services, enhancing 24/7 patient engagement and front-desk automation.

The agreement, which includes $25 million in cash and $10 million in equity, also offers performance-based awards for key TrueLark personnel. Expected to close in Q2 2025, the acquisition will address staffing shortages and operational strain in multi-location practices by providing scalable efficiency and reducing administrative burdens. The company’s strong balance sheet position, with more cash than debt, supports this strategic investment, as highlighted in InvestingPro’s analysis (subscribers can access 6 additional ProTips).

TrueLark’s conversational AI manages calls, texts, and web chats—booking appointments and handling after-hours communication. This technology will allow Weave to offer predictive rebooking and natural AI responses, aiming to fill more appointments and drive patient engagement.

Weave’s CEO, Brett White, stated that the acquisition will position the company at the forefront of agentic AI in the healthcare SMB sector, improving responsiveness and patient engagement without increasing headcount. TrueLark’s CEO, Srivatsan Laxman, expressed excitement about bringing their AI innovation to a broader audience and advancing intelligent practice communication.

The acquisition is set to expand Weave’s footprint, especially in dental service organizations, and tap into a potential $22 billion international market. The combined strengths of Weave and TrueLark are intended to transform the intelligent operating system for healthcare practices, delivering always-on, AI-powered agents that provide real-world results.

This strategic move comes as Weave continues to establish itself as a leader in healthcare communications and patient relationship management, having been recognized as an Inc. Power Partner and a G2 leader in the past year. While currently unprofitable, analysts tracked by InvestingPro predict profitability this year, with comprehensive analysis available in the Pro Research Report, which offers deep-dive insights into Weave and 1,400+ other US stocks.

The transaction is subject to customary closing conditions, and additional details can be found in Weave’s filings with the SEC. The information in this article is based on a press release statement.

In other recent news, Weave Communications reported its fourth-quarter earnings, which did not meet analyst expectations. The company posted an adjusted loss of $0.09 per share, missing the anticipated $0.01 profit, although revenue slightly exceeded forecasts at $54.2 million, marking an 18.6% year-over-year increase. For the first quarter of 2025, Weave projects revenue between $54-55 million, aligning with analyst expectations, but its EPS guidance remains wide-ranging and uncertain. Full-year 2025 guidance also presented a broad EPS range of $2.00-$6.00, contrasting with the consensus of $0.11, while revenue projections were in line at $232-237 million. In other developments, Weave has partnered with Veradigm to improve healthcare communication workflows, integrating features like automated updates and two-way texting to enhance patient engagement. Piper Sandler maintained an Overweight rating on Weave, citing potential growth catalysts such as partnerships and payment solutions. Meanwhile, Loop Capital reaffirmed its Buy rating, expressing confidence in Weave’s growth potential in sectors like dental and optometry. Both firms highlighted the strategic moves and new capabilities Weave is pursuing to bolster its market position.

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