The New Mountain Capital backed company closes its second major acquisition in 2025 to expand its AI-powered operating system to a broader range of clients.

Machinify, a leading healthcare intelligence company with expertise across the payment continuum, today announced the close of its acquisition of Performant Healthcare, Inc. (Nasdaq: PHLT) for approximately $670 million. The deal expands Machinify’s AI-powered platform to reach a broader range of clients, including government programs, and accelerates its mission to simplify and modernize healthcare payments.

“We’re thrilled to bring Performant into Machinify with such highly complementary assets,” said David Pierre, CEO of Machinify. “Performant has built deep relationships in the government sector, which expands on Machinify’s strong and expanding presence with national and regional payers. Together, we can offer our clients the most complete, data-driven platform for ensuring every healthcare dollar is used effectively.”

Bringing together Performant’s deep audit and recovery expertise with Machinify’s advanced AI platform will enable the company to deliver faster, more accurate insights, further reduce administrative burden and unlock greater savings for health plans. The integration enhances Machinify’s ability to serve both commercial and government payers with end-to-end intelligence—spanning claim error detection, prevention, recovery, and coordination of benefits. Performant CEO Simeon Kohl will remain with the company, joining the Machinify leadership team.

“Performant strengthens Machinify’s leadership as the next-generation platform for payment accuracy and intelligence,” said Matt Holt, Managing Director and President of Private Equity at New Mountain Capital. “This strategic integration aligns with Machinify’s mission to make payments smarter, faster, and more transparent. We’re excited about the significant value it will unlock for payers, providers, and the entire healthcare ecosystem.”

“I’m excited to join forces with Machinify at such a pivotal moment for the industry,” said Simeon Kohl, CEO of Performant Healthcare. “By combining our deep expertise with Machinify’s AI platform, we’ll be able to deliver even greater value to our clients—streamlining the payment process, improving accuracy, and supporting better outcomes across the healthcare system.”

With the addition of Performant, Machinify now supports hundreds of millions of claims annually and delivers billions in savings through its unified AI and human-expertise model—helping clients reduce waste, improve provider relationships, and ensure accuracy from contracts to claims.

Performant stockholders voted to approve the transaction at the Company’s special meeting of stockholders on October 17, 2025.

As a result of the completed transaction, Performant’s shares will no longer be publicly traded on and will be delisted from Nasdaq, and the Company will now operate as a privately held entity.

About Machinify

Machinify is a leading healthcare intelligence company with expertise across the payment continuum, delivering unmatched value, transparency, and efficiency to health plans. Deployed by over 75 health plans, including many of the top 20, and representing more than 170 million lives, Machinify’s AI operating system, combined with proven expertise, untangles healthcare data to deliver industry-leading speed, quality, and accuracy. We’re reshaping healthcare payment through seamless intelligence. For more information about Machinify and its partners, visit www.machinify.com.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with over $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. To learn more about New Mountain Capital, please visit www.newmountaincapital.com.

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