New Mountain Capital’s portfolio company Machinify has signed a definitive agreement to acquire healthcare payment integrity company Performant Healthcare for around $670m.
With the merger, Performant shareholders are set to receive $7.75 in cash for each outstanding share, a 139% premium over the 90-day volume-weighted average price of $3.25 as of 31 July 2025.
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New Mountain Capital’s managing director and private equity president Matt Holt said: “The future of the US healthcare system requires modernisation of IT infrastructure, including patient-centric data networks.
“Performant plus Machinify plus the ecosystem of companies that we are building at New Mountain Capital will unlock the potential for a new system that is aligned with a more productive care model that is both more efficient and delivers better patient outcomes.”
The acquisition is anticipated to be finalised by the end of this year, subject to closing conditions, encompassing approval from Performant shareholders and regulatory clearances.
Machinify CEO David Pierre said: “At Machinify, we are creating the modern, healthcare payments intelligence platform built for accuracy and transparency.
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By GlobalData“By combining our powerful payer operating system with Performant’s trusted domain expertise and differentiated data assets, Machinify will support a broader range of clients, including the [US] Centers for Medicare and Medicaid, and state and local governments. The combined company will deliver quality, timely payments at dramatically reduced administrative costs.”
Performant is required to maintain its business operations as usual until the transaction is completed.
The company’s board of directors has given unanimous approval for the deal.
Pillsbury Winthrop Shaw Pittman is serving as legal counsel while Truist Securities is providing exclusive financial advisory services to Performant.
JP Morgan Securities is advising Machinify exclusively on financial aspects, with Ropes & Gray providing legal counsel.
