Performant Healthcare, Inc, a company known for its technology-driven services in payment integrity, eligibility tracking, and data analytics, has entered a final agreement to be acquired by Machinify, a healthcare intelligence company backed by New Mountain Capital. The deal is valued at approximately $670 million. Under the agreement, Performant shareholders will receive $7.75 in cash per share, which reflects a significant premium of about 139% over the 90-day average share price of $3.25 as of July 31, 2025.
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Simeon Kohl, CEO of Performant, said, “What started as a way to solve tough payment problems has now become a top solution for healthcare payers.” He credited the team’s commitment for the company’s success and expressed pride in the value delivered to clients and shareholders. Kohl also noted that after evaluating several strategic alternatives, the board and leadership team chose this path as the best outcome for shareholders, clients, and employees. He emphasized that Machinify brings shared values, strong industry knowledge, and a focus on innovation that will help Performant further expand its role in healthcare.
David Pierre, CEO of Machinify, said, “We are creating a modern platform for healthcare payments that is accurate and clear.” He explained that by combining Machinify’s Payer Operating System with Performant’s trusted expertise and valuable data, they will be better equipped to support a wide range of clients, including government agencies like the Centers for Medicare and Medicaid. The partnership aims to deliver timely, accurate payments while cutting down the high administrative costs often found in traditional healthcare systems.
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Matt Holt, Managing Director at New Mountain Capital, added, “Our plan to buy Performant fits with our past investments, especially in using technology to reduce inefficiencies and making the most of data.” He emphasized that the U.S. healthcare system needs more modern IT infrastructure, including patient-first data networks. By combining Performant, Machinify, and other companies in New Mountain’s portfolio, they aim to build a more efficient care model that improves outcomes while lowering costs.
The transaction is expected to close by the end of 2025, pending standard conditions such as approval from shareholders and regulatory bodies. Until then, Performant will continue to operate as usual. After the closing, the company’s stock will be delisted from NASDAQ. The acquisition has already received unanimous approval from Performant’s board of directors. Advisors on the deal include Truist Securities for Performant and J.P. Morgan Securities LLC for Machinify. Legal counsel is being provided by Pillsbury Winthrop Shaw Pittman LLP and Ropes & Gray LLP.
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