Performant Healthcare, Inc. (NASDAQ: PHLT) saw its shares more than double Friday. The company, a leading provider of technology-enabled payment integrity, eligibility, and related analytics services, announced today its entry into a definitive agreement to be acquired by Machinify, a healthcare intelligence leader and portfolio company of New Mountain Capital, which has agreed to acquire Performant for approximately $670 million.
Under the terms of the merger agreement, Performant stockholders will receive $7.75 in cash for each share of Performant common stock outstanding at the closing of the transaction. The per share price represents a premium of approximately 139% to the Performant 90-day volume weighted average price (VWAP) of $3.25 per share calculated as of market close on July 31, 2025.
“What began as a focused effort to solve complex payment integrity challenges has grown into a market-leading solution for healthcare payers,” said CEO Simeon Kohl.
“This success is a direct result of our team’s dedication, and I am incredibly proud of the value we have delivered to both our clients and stockholders. After a comprehensive review of strategic alternatives, including continuing to operate as a standalone entity, our board of directors and executive leadership team unanimously concluded that this path represents the best outcome for our stockholders, clients, and employees. Machinify’s aligned values, proven industry expertise, and commitment to advancing innovation will accelerate our mission and amplify our impact across the healthcare landscape.”
PHLT shares screamed higher $4.07, or 114.7%, to $7.62
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