Machinify has completed its acquisition of Performant Healthcare for approximately $670 million.

The transaction brings together Machinify’s AI-driven healthcare payment platform with Performant’s audit and recovery capabilities, with the goal of expanding services across commercial and government payers.

The acquisition, backed by New Mountain Capital, is intended to enhance Machinify’s ability to detect and prevent claims errors, recover overpayments, and manage coordination of benefits. Performant, formerly listed on Nasdaq under the ticker PHLT, will now operate as a privately held entity. Stockholders approved the transaction on Oct. 17.
“This strategic integration aligns with Machinify’s mission to make payments smarter, faster, and more transparent,” said Matt Holt, managing director and president of private equity at New Mountain Capital.

David Pierre, CEO of Machinify, said the acquisition strengthens the company’s offerings by incorporating Performant’s relationships within the government sector. “Together, we can offer our clients the most complete, data-driven platform for ensuring every healthcare dollar is used effectively,” he said.

Performant’s CEO Simeon Kohl will join Machinify’s leadership team following the close. “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,” Kohl said.

Machinify, which reports working with over 75 health plans covering more than 170 million members, says it now processes hundreds of millions of claims annually. The company promotes a hybrid model that blends AI with human expertise to reduce administrative costs and improve payment accuracy.

Performant is headquartered in Dallas and had been publicly traded before the acquisition.

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