Francisco Partners (FP) has entered into a definitive agreement to acquire Weave Communications at an aggregate equity valuation of approximately $650 million, according to a news release. Weave (NYSE: WEAV), founded in 2008 and based in Lehi, Utah, provides an AI-powered patient engagement and payments software platform for healthcare practices. FP, founded in 1999 and based in San Francisco, is a private equity firm that specializes in investments in technology and technology-enabled businesses.

Upon completion of the transaction, expected in the company will become private.