Machinify to Acquire Performant Healthcare for $670 Million

Performant Healthcare, Inc. (PHLT) entered a merger agreement on August 1, 2025, to be acquired by Machinify in a deal valued at $670 million.

Deal Structure:

Performant stockholders will receive $7.75 in cash for each share of Performant common stock outstanding at the closing of the transaction, representing a premium of 118.31% from the stock’s last close.

Company Profile:

Performant Healthcare is a technology-enabled provider of payment integrity and eligibility services, helping healthcare payers identify, prevent, and recover improper payments through advanced analytics and proprietary data.

Machinify is a healthcare intelligence company delivering an AI-powered, fully configurable platform across the payment continuum, serving over 60 health plans, impacting over 160 million lives, to drive transparency, efficiency, and improved financial outcomes for health plan clients.

Deal Details and Timeline:

The deal is expected to close by the end of 2025.

Performant received financial advisory services from Truist Securities and legal counsel from Pillsbury Winthrop Shaw Pittman. Machinify was advised financially by J.P. Morgan Securities and received legal representation from Ropes & Gray.

Deal Metrics:

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Deal Metrics for the acquisition of Performant Healthcare, Inc. (PHLT) by Machinify

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Editor’s Note: Baranjot Kaur contributed to this article