Dallas-based healthcare intelligence company Machinify has closed its acquisition of Plantation, Florida-based Performant Healthcare (Nasdaq: PHLT) for roughly $670 million.

Machinify said the deal expands its AI-powered platform to reach a broader range of clients, including government programs, and accelerates its mission to simplify and modernize healthcare payments. With the acquisition, the New Mountain Capital-backed company closed its second major acquisition in 2025 to expand its AI-powered operating system to a broader range of clients.

“We’re thrilled to bring Performant into Machinify with such highly complementary assets,” Machinify CEO David Pierre said in a statement. “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.”

Machinify said that combining 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 commercial and government payers with end-to-end intelligence, Machinify added, spanning claim error detection, prevention, recovery, and coordination of benefits.

‘Supporting better outcomes’

Performant CEO Simeon Kohl will remain with the company, joining the Machinify leadership team.

Kohl said the acquisition comes at a key time in the industry.

“I’m excited to join forces with Machinify at such a pivotal moment for the industry,” Kohl said. “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.”

“Performant strengthens Machinify’s leadership as the next-generation platform for payment accuracy and intelligence,” Matt Holt, managing director and president of private equity at New Mountain Capital, said in a statement. “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.”

With the addition of Performant, Machinify said it 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’s shares will no longer be publicly traded and will be delisted from Nasdaq, as the company will now operate as a privately held entity.

New York-based New Mountain Capital 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 more than $55 billion in assets under management.

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