South Florida’s healthtech sector is heating up. On the same day that eMerge Americas announced a major health innovation push, Performant Healthcare (Nasdaq: PHLT) revealed it will be acquired by Machinify, an AI-powered healthcare intelligence firm, in a $670 million all-cash deal backed by New Mountain Capital.
The acquisition, expected to close by the end of 2025, will see Performant stockholders receive $7.75 per share, a 139% premium over the company’s 90-day volume-weighted average price of $3.25 as of July 31. Once finalized, Performant will be taken private and its shares delisted from the Nasdaq.
This path represents the best outcome for our stockholders, clients, and employees. Machinify’s aligned values and proven industry expertise will accelerate our mission.
said Simeon Kohl, CEO of Performant.
Founded in Plantation, Florida, Performant has built a reputation as a trusted partner for government and commercial payers, leveraging data and analytics to root out improper payments and coordinate benefits. Its clients include Medicare contractors, private insurers, and state agencies.
The deal is positioned as a strategic bolt-on for Machinify, which powers real-time payment decisions for over 60 health plans covering more than 160 million lives. According to Machinify CEO David Pierre, merging Performant’s audit and eligibility capabilities with Machinify’s Payer Operating System creates a broader offering tailored for both public and private clients.
We’re creating a modern platform for payment accuracy and transparency. Together, we’ll deliver quality, timely payments at dramatically reduced administrative costs.
said David Pierre, CEO of Machinify.
Strategic Backing from New Mountain Capital
The transaction is being led by New Mountain Capital, the New York-based private equity firm with more than $55 billion in AUM. The firm has made a string of bets on data driven, healthcare focused technology plays in recent years, and sees Performant as a linchpin in its emerging ecosystem.
The future of the U.S. healthcare system demands modernization. Performant and Machinify are foundational to building a more productive care model.
said Matt Holt, President of Private Equity at New Mountain Capital.
The investment thesis centers on reducing administrative inefficiencies, a well-known drag on U.S. healthcare spending by modernizing infrastructure and unlocking data value. New Mountain’s existing healthcare portfolio includes health IT firms, provider services, and revenue cycle management startups.
What’s Next
The deal still requires shareholder and regulatory approval, but has already been unanimously approved by Performant’s board. While integration plans remain under wraps, Machinify is expected to retain key leadership from both companies and expand its offerings in the public sector, including work with the Centers for Medicare & Medicaid Services (CMS).
Notably, the buyout provides a profitable exit for Performant shareholders, who have seen the stock trade flat for years before gaining momentum in 2024 amid broader Mergers and Acquisitions (M&A) interest in healthcare payment technology.
South Florida’s Healthtech Moment
From major M&A deals like Machinify – Performant to eMerge America‘s aggressive health vertical expansion, South Florida is emerging as a key node in the U.S. healthcare innovation landscape. The combination of capital, AI-driven solutions, and policy engagement is making the region a magnet for healthtech investors and founders alike.