Machinify completes $670 million acquisition of Performant Healthcare

DALLAS & PALO ALTO - Healthcare intelligence company Machinify announced Tuesday it has completed its acquisition of Performant Healthcare, Inc. (NASDAQ:PHLT) for approximately $670 million, marking its second major acquisition in 2025.

The transaction, which received stockholder approval at Performant’s special meeting on October 17, will result in Performant’s delisting from Nasdaq as it transitions to operate as a privately held entity under Machinify. Investors tracking similar corporate actions can access real-time alerts and in-depth analysis through InvestingPro’s advanced screening tools and portfolio ideas.

The acquisition expands Machinify’s AI-powered platform to government program clients while building on its existing relationships with national and regional health insurers. The combined company will integrate Performant’s audit and recovery capabilities with Machinify’s artificial intelligence technology to enhance payment accuracy services.

"Performant has built deep relationships in the government sector, which expands on Machinify’s strong and expanding presence with national and regional payers," said David Pierre, CEO of Machinify, in a press release statement.

Performant CEO Simeon Kohl will join Machinify’s leadership team as part of the integration.

The New Mountain Capital-backed Machinify now supports hundreds of millions of claims annually across its client base, which includes over 75 health plans representing approximately 170 million covered lives.

According to the company, the combined entity aims to deliver services spanning claim error detection, prevention, recovery, and coordination of benefits for both commercial and government payers.

Following the transaction’s completion, Performant shares will no longer trade publicly on Nasdaq. Stay ahead of market-moving events in the healthcare sector with InvestingPro, offering expert insights and real-time analysis of similar healthcare technology companies.

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