Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News. All right, there's a
Speaker 1: new kid on the block. And then well it started training. Today,
Speaker 1: it's time for our Stock of the Hour and we're
Speaker 1: taking a look at shares of waste Star, the fourth
Speaker 1: biggest IPO of the year and largest by a US
Speaker 1: based company. The shares pricing at twenty one to fifty
Speaker 1: last night. They did open below that, trading below that
Speaker 1: now down about three percent here on the day. It's
Speaker 1: a healthcare payment software maker, and the CEO of that
Speaker 1: company joins us right now. Great to have you here
Speaker 1: on the program. Let's talk a little bit in Matt Hawkins.
Speaker 1: I'm getting ahead of myself here.
Speaker 2: Thanks Matt.
Speaker 1: Great to have you here on the program.
Speaker 2: Delighted to be here.
Speaker 1: First of all, congratulations. I mean, it's always a feat
Speaker 1: to bring anything to market, particularly in this environment where
Speaker 1: it's been a lot harder for IPOs to sort of
Speaker 1: get traction here. Why did you feel it was appropriate
Speaker 1: for you to come to market now?
Speaker 2: We feel like we're building a durable, high growth, highly
Speaker 2: visible business and it's a testament to the work that
Speaker 2: we do with over a million providers who use our
Speaker 2: software across every setting. Of care. We feel like coming
Speaker 2: to market now gives us more awareness of who we
Speaker 2: are in visibility to our company. The value that we
Speaker 2: bring to providers gives us a sense of credibility as
Speaker 2: we work to establish trust with the clients with whom
Speaker 2: we serve. And then certainly it's helped us improve our
Speaker 2: capital structure. We were able to delever the business through
Speaker 2: the proceeds of the IPO. Our investors are in the
Speaker 2: business and along the journey with us, believe in what
Speaker 2: we're building. We were fortunate to add a number of
Speaker 2: additional investors through this process, so we're thrilled.
Speaker 1: You have a lot more investors here. I mean, it's
Speaker 1: a lot different being a public You have a lot
Speaker 1: more people you have to answer to, and that gets
Speaker 1: to be a little bit of a grind versus being
Speaker 1: a public company. Talk to me about the growth strategy.
Speaker 1: This is a company that had at least last year
Speaker 1: roughly allowed eight hundred million in sales. What is the
Speaker 1: growth plan the growth story that you're pitching to investors.
Speaker 2: Healthcare is such an important category for all of us.
Speaker 2: The pains that we're helping provider organizations to resolve as
Speaker 2: they use our cloud based software platform that by the way,
Speaker 2: has artificial intelligence throughout our platform to automate work, to
Speaker 2: prioritize and organize work, and to create operating efficiency. We
Speaker 2: tell that message to clients and potential clients and we
Speaker 2: show them a real way to create lasting return on investment.
Speaker 2: And we're fortunate we have referenceable clients. We serve over
Speaker 2: a million providers across every setting of care, and we're
Speaker 2: market leaders and client satisfaction, So all those things contribute
Speaker 2: to strong win rates, long relationships with clients, and that
Speaker 2: becomes an important part of our growth story.
Speaker 3: EQT is still going to be our largest shareholder, about
Speaker 3: a twenty nine percent stake. Also, kind of the pension
Speaker 3: p on investment board Bane Capital of Francisco partners, how
Speaker 3: much of us, say are they going to have on
Speaker 3: day to day operations and how much are they going
Speaker 3: to want to see a return.
Speaker 2: We have fabulous investors. They are on our board of directors.
Speaker 2: But from the very outset EQT, who I'm very appreciative
Speaker 2: of partnering with, they have asked us to behave as
Speaker 2: though we're a public company. So we've had a number
Speaker 2: of independent board members join our board prior to this event,
Speaker 2: and we govern ourselves accordingly. So while they have a say,
Speaker 2: they're wonderful thought partners and they trust us to lead
Speaker 2: and guide the business.
Speaker 3: All right, well, Matt, once again congratulations and pulling this
Speaker 3: off in a week where there was a lot of noise,
Speaker 3: a lot of distractions, and some of the other big
Speaker 3: IPOs didn't manage to do it this week. So that
Speaker 3: is Matt Hawkins, CEO of now Public Wastetar