Healthcare company Performant Inc. set to undergo acquisition by Machinify.
In a significant move for the healthcare industry, Performant Healthcare, Inc., a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, is being acquired by Machinify, a healthcare intelligence company. The deal, valued at approximately $670 million, represents a premium of about 139% over Performant’s 90-day volume weighted average price (VWAP) of $3.25 as of market close on July 31, 2025.
The transaction, which is expected to close by the end of 2025, subject to regulatory approvals and customary closing conditions, has been unanimously approved by Performant's board.
Immediate Value for Stockholders
Performant stockholders will receive $7.75 in cash per share upon the completion of the deal. This immediate cash value offers a substantial premium to the recent trading price.
Enhanced Offerings for Clients
The combined capabilities of Machinify and Performant are expected to result in enhanced service offerings and technological innovation in healthcare payment integrity. This collaboration aims to improve transparency, efficiency, and financial outcomes for health plans.
Growth Opportunities for Employees
Employees can anticipate benefiting from the growth potential under Machinify’s leadership while continuing Performant’s mission within a larger organization.
Strategic Decision by Performant's Board
The acquisition reflects a strategic decision by Performant’s board and executive team after reviewing alternatives. They concluded that joining Machinify would best serve Performant’s stockholders, clients, and employees.
Industry Expertise and Commitment to Innovation
CEO Simeon Kohl emphasized that Machinify’s industry expertise, aligned values, and commitment to innovation are expected to accelerate Performant’s mission and broaden its impact on the healthcare landscape.
Financial and Legal Advisors
Financial and legal advisors supporting the deal included Truist Securities and Pillsbury Winthrop Shaw Pittman for Performant, and J.P. Morgan Securities and Ropes & Gray for Machinify. The transaction underscores Machinify’s ongoing expansion in healthcare payment intelligence, backed by New Mountain Capital.
For more information about the interests of those involved in the proposed transaction, stockholders are advised to read the proxy statement when it becomes available.
Sources:
- Performant announcement
- Inside Arbitrage coverage
- Pulse2 summary
Note: The risks and uncertainties described in the Company’s filings with the SEC may affect the proposed merger. Following the closing of the transaction, Performant’s shares will be delisted from Nasdaq. The forward-looking statements in this communication are based on current expectations, estimates, assumptions, and projections and actual results may differ materially from those projected.
For further information, please refer to the contact details provided in the press release.
- The strategic decision by Performant's board and executive team to sell the company to Machinify, a healthcare intelligence firm, for approximately $670 million, is anticipated to offer substantial benefits, particularly in the areas of security, finance, and technology infrastructure, as both companies aim to innovate and improve service offerings in the healthcare industry.
- Infrastructure investments are expected to be a key focus post-acquisition, as the combined capabilities of Performant and Machinify may lead to increased efficiency and cloud-based solutions, aligning with the latest news and trends in the IT infrastructure landscape.
- As part of Machinify, employees of Performant can look forward to growth opportunities, while maintaining their commitment to providing high-quality services in eligibility, payment integrity, and related analytics within the healthcare sector.
- The acquisition of Performant by Machinify represents an opportunity for investors to capitalize on the growing market of cloud-based healthcare solutions and services, particularly in terms of business expansion, partnership, and overall growth in the finance and technology industries.
