Machinify to Acquire Performant Healthcare for $670 Million, Creating a Modern Healthcare Payments Intelligence Platform.

Machinify, a portfolio company of New Mountain Capital, has agreed to acquire Performant Healthcare for $670m. The acquisition, which is expected to be completed by the end of the year, will create a modern healthcare payments intelligence platform for accuracy and transparency. Performant's shareholders will receive $7.75 in cash per share, a 139% premium over the 90-day volume-weighted average price.

Machinify, a portfolio company of New Mountain Capital, has agreed to acquire healthcare payment integrity company Performant Healthcare for approximately $670 million. The acquisition, expected to be completed by the end of 2025, will create a modern healthcare payments intelligence platform focused on accuracy and transparency. Performant shareholders will receive $7.75 in cash per share, representing a 139% premium over the 90-day volume-weighted average price (VWAP) [1].

The acquisition will combine Machinify's powerful payer operating system with Performant's trusted domain expertise and differentiated data assets. The combined company aims to support a broader range of clients, including the Centers for Medicare and Medicaid, and state and local governments. This integration is expected to deliver quality, timely payments at dramatically reduced administrative costs [2].

Matt Holt, managing director and private equity president at New Mountain Capital, stated that the acquisition aligns with their thesis of reducing administrative inefficiencies through technology investments. The future of the U.S. healthcare system requires modernization of IT infrastructure, including patient-centric data networks [3].

Performant's board of directors has given unanimous approval for the deal, with the company's shares expected to be delisted from Nasdaq following the transaction's closure. The acquisition is subject to customary closing conditions, including approval by Performant shareholders and regulatory clearances [3].

References:
[1] https://www.hospitalmanagement.net/news/machinify-to-acquire-performant-healthcare/
[2] https://seekingalpha.com/article/4808203-performant-healthcare-getting-acquired-at-a-massive-premium-downgrade-hold
[3] https://performanthealthcare.com/investors/news/press-release-details/2025/performant-healthcare-inc-to-be-acquired-by-machinify/