Performant Healthcare, Inc. to Be Acquired by Machinify
Performant stockholders to receive
Under the terms of the merger agreement, Performant stockholders will receive
“What began as a focused effort to solve complex payment integrity challenges has grown into a market-leading solution for healthcare payers,” said
“At Machinify, we are creating the modern, healthcare payments intelligence platform built for accuracy and transparency,” said
“Our thesis for the acquisition of Performant is consistent with our prior investments, with a primary focus on reducing administrative inefficiencies through investments in technology, unlocking the value of data,” said
The transaction is expected to close by the end of 2025, subject to the satisfaction of customary closing conditions, including approval by Performant’s stockholders and receipt of applicable regulatory approvals. Prior to the closing of the transaction, Performant is required to operate its business in the ordinary course. In addition, following the closing of the transaction, Performant’s shares will be delisted from Nasdaq. The transaction has been unanimously approved by the board of directors of Performant.
Advisors
ABOUT PERFORMANT
Performant supports healthcare payers in identifying, preventing, and recovering waste and improper payments by leveraging advanced technology, analytics and proprietary data assets. Performant works with leading national and regional healthcare payers to provide eligibility-based (also known as coordination-of-benefits (COB)) services and claims-based services, which includes the audit and identification of improperly paid claims. Performant is a leading provider of these services in both government and commercial healthcare markets. Performant also provides advanced reporting capabilities, support services, customer care, and stakeholder training programs designed to mitigate future instances of improper payments.
To learn more about Performant, please visit www.performanthealthcare.com.
ABOUT MACHINIFY
Machinify is a leading healthcare intelligence company with expertise across the payment continuum, delivering unmatched value, transparency, and efficiency to health plan clients across the country. Deployed by over 60 health plans, including many of the top 20, and representing more than 160 million lives, Machinify brings together a fully configurable and content-rich, AI-powered platform along with best-in-class expertise. We're constantly reimagining what's possible in our industry, creating disruptively simple, powerfully clear ways to maximize financial outcomes and drive down healthcare costs.
For more information about Machinify, please visit www.machinify.com.
ABOUT
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Additional Information and Where to Find It
This communication relates to a proposed transaction among Performant,
Investors and Performant stockholders may obtain free copies of the proxy statement (when available) and other documents that are filed or will be filed with the
The documents filed by Performant with the
Participants in the Solicitation
Performant and its directors and executive officers may be deemed to be participants in the solicitation of proxies from Performant’s stockholders in connection with the proposed transaction. Information about Performant’s directors and executive officers is set forth in Performant’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the
Forward Looking Statements
This communication and the Company’s other filings and press releases may contain forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding our expectations, intentions or strategies regarding the future. These forward-looking statements are based on current expectations, estimates, assumptions, and projections that are subject to change and actual results may differ materially from the forward-looking statements. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including: (i) the risk that the proposed merger may not be completed in a timely manner or at all, which may adversely affect the Company’s business and the price of the Company’s common stock; (ii) the failure to satisfy any of the conditions to the consummation of the proposed merger, including the receipt of certain regulatory approvals; (iii) the failure to obtain stockholder approval; (iv) the occurrence of any fact, event, change, development or circumstance that could give rise to the termination of the merger agreement, including in circumstances requiring the Company to pay a termination fee; (v) the effect of the announcement or pendency of the proposed transaction on the Company’s business relationships, operating results and business generally; (vi) risks that the proposed transaction disrupts the Company’s current plans and operations; (vii) the Company’s ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom it does business, in light of the proposed transaction; (viii) risks related to diverting management’s attention from the Company’s ongoing business operations; (ix) unexpected costs, charges or expenses resulting from the proposed merger; (x) potential litigation relating to the proposed merger that could be instituted against the parties to the merger agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto; (xi) certain restrictions during the pendency of the proposed merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; (xii) uncertainty as to timing of completion of the proposed merger; (xiii) legislative, regulatory and economic developments affecting the Company’s business and (xiv) other risks described in the Company’s filings with the
More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's annual report on Form 10-K for the year ended
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Contact Information
Performant
(925) 960-4988
investors@performantcorp.com
Machinify
120/80 MKTG
machinify@12080group.com
H/Advisors Abernathy
dana.gorman@h-advisors.global
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