09:11 AM EDT, 08/01/2025 (MT Newswires) -- Performant Healthcare ( PHLT ) said Friday it has signed a definitive agreement to be acquired by Machinify, a healthcare intelligence company backed by New Mountain Capital, in a deal valued at about $670 million.

Performant shareholders will receive $7.75 in cash per share, a 139% premium to the company's 90-day average price of $3.25 as of July 31, the company said.

The deal is expected to close by the end of 2025, pending stockholder and regulatory approvals and other standard conditions, it added.

Performant will continue normal operations until the deal is completed, after which its shares will be delisted from Nasdaq, according to the company.

The company said its board of directors unanimously approved the transaction.