Machinify
A Dallas-run, private equity owned roll-up that finds wrong and duplicate claim payments for US health plans. New Mountain Capital built it from five companies in 2024 and 2025, partly with debt.
Machinify, Oct 21, 2025; Performant proxy, Sep 2025- Valuation
- Not disclosed New Mountain Capital bought Machinify in early 2025; no price or valuation was published.
- Owners
- New Mountain Capital A New York buyout firm with over $55B under management controls it. Eir Partners, Battery Ventures, GV and others also back the deal.
- Revenue
- Over $500M combined revenue stated when the Machinify deal was announced, before it added Performant. No later figure.
- Watch
- Debt-funded buying The $670M Performant purchase was paid with committed bank debt, under a leverage cap of 5.5x.
- AI
- Agentic claim audits Building AI agents that read medical records and audit claims; engineers are expected to work in Claude Code and Codex.
- Liquidity
- None found No staff tender offer or secondary sale reported. Any equity is tied to an eventual New Mountain exit.
- Hiring
- 35 → 38 remote listings since Oct 10.
Paid to stop and recover wrong health claim payments.
Machinify sells five modules to health plans: Coordinate (who else should pay), Subrogate (recovering from liable third parties), Audit (record and coding review), Pay (claim editing and repricing) and Pharmacy. Plans can run it fully managed by Machinify staff or pair it with their own reviewers. It does not publish prices, fee terms or a revenue split.
Machinify products page, checked Nov 3, 2026- 1Scale across most big health plansMachinify says it serves 90+ customers including 18 of the top 20 health plans, covering 270M member lives and $6B+ a year in cost avoidance and recoveries.Machinify home page, checked Nov 3, 2026
- 2Covers the whole payment chainRawlings (subrogation, about 40 years old), VARIS (overpayments), Apixio PI, Performant (government and coordination of benefits) and Machinify's AI now sit in one platform.Machinify, Feb 20, 2025; Oct 21, 2025
- 3A route into government payersThe Performant deal was meant to bring in Centers for Medicare and Medicaid and state and local government work, per Machinify's CEO.Performant release (SEC 8-K), Aug 1, 2025
Every round, and what its terms give away.
Machinify is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $500M
- annual revenue, as of Jan 10
- 2,000
- employees, as reported
Not disclosed. Revenue is the 'more than $500 million' stated before Performant was added.
New Mountain Capital, Jan 10, 2025; Machinify, Feb 2025- Oct 21Acquisition of Performant Healthcare$670MLed by Machinify (New Mountain Capital portfolio)$7.75 a share in cash, taking a Nasdaq company private. About $715M of total funds, from committed debt.Machinify, Oct 21, 2025; Performant proxy, Sep 2025
- Feb 20Buyout by New Mountain CapitalLed by New Mountain CapitalAnnounced Jan 10, 2025; closed with the rebrand on about Feb 20. Terms not disclosed. Founder Prasanna Ganesan joined the board.Machinify, Feb 20, 2025; New Mountain, Jan 10, 2025
- Sep 5Merger of Rawlings, Apixio PI and VARISLed by New Mountain CapitalThree New Mountain companies combined under CEO David Pierre; 1,900+ staff. Terms not disclosed.Healthcare Dive, Sep 6, 2024
- Oct 10Series A$10MLed by Battery VenturesGV and Matrix Partners joined. Founded by former VUDU executives.Pulse 2.0, Oct 10, 2018
- Down round or flat round?Cannot tell. Machinify is now owned by a buyout firm and no price was published for the 2025 deal or its 2018 Series A.New Mountain Capital, Jan 10, 2025Open
- How much of the company the last deal soldNew Mountain acquired Machinify outright and merged it into its own platform; ownership split between New Mountain and co-investors is not disclosed.New Mountain Capital, Jan 10, 2025Open
- Time since the last capital eventAbout 12 months: the Performant purchase closed Oct 21, 2025, and a genetic testing business was added in Jul 2026.Machinify, Jul 13, 2026Clear
- Debt-heavy or unusual termsYes. The Performant deal (about $715M with fees) was funded with committed debt under Machinify's existing credit agreement, which caps first lien net leverage at 5.5x.Performant proxy (DEFM14A), Sep 10, 2025Flag
- Who backs itNew Mountain Capital, which has owned the pieces since 2023 to 2024, is the controlling owner. It kept buying through 2025, a sign of commitment.Healthcare Dive, Sep 2024; New Mountain, Jan 2025Clear
- Tender offers or secondary sales for staffNone reported. Searched company news and press; no tender date or price found.Machinify news page, checked Nov 3, 2026Open
- Layoffs in the last 12 monthsSearched news and WARN trackers: no Machinify layoff found. Only old 2020 Rawlings notices in Missouri. Worth watching as Performant is folded in.Machinify news page; news and WARN search, Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
Machinify's revenue, year by year.
Typical of a buyout roll-up. The leverage cap in the merger agreement is the only debt figure public; total debt is not disclosed.
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Good
Mostly remote hiring.
Greenhouse board, checked Nov 3, 2026Of 58 open roles on its Greenhouse board, 40 say Remote - US. Office roles sit in La Grange, KY, Lathrop, CA and Dallas.
Tech and clinical review jobs are largely remote. Finance and operations roles near La Grange ask for three office days.
- 02Neutral
Run from Dallas, not the Bay Area.
Performant proxy (DEFM14A), Sep 10, 2025SEC filings list Machinify's parent office at 8333 Douglas Ave, Dallas. The original Machinify was based in Palo Alto.
Leadership and finance sit in Dallas; the Palo Alto startup is now one part of a larger company.
- 03Good
Won Performant after a bidding process.
Performant proxy, Sep 2025; Performant release, Aug 1, 2025Machinify offered $7.25 a share on Jul 22, 2025, then agreed $7.75, a 139% premium to Performant's 90-day average. At least one other private equity bidder was in talks.
It paid up to win government payer work. That raises the bar for returns from the deal.
- 04Watch
Performant's CEO left within a year.
Health Catalyst 8-K, Sep 8, 2026Simeon Kohl stayed on in Machinify's leadership at the Oct 2025 close. Health Catalyst named him its CEO on Sep 8, 2026.
Losing the acquired company's leader early is common in roll-ups, but can slow integration of its government business.
- 05Watch
Customers worry about the mergers.
Machinify on KLAS, Oct 1, 2025In a KLAS First Look shared by Machinify, some customers said acquisitions could pull focus from product work; others asked for a better portal and reporting.
Combining five firms is a multi-year job. Expect integration and platform migration work in engineering roles.
- 06Watch
Class action over Medicare Advantage liens.
US District Court, W.D. Missouri class action list, checked Nov 3, 2026Zakarian v. The Rawlings Company (24-cv-229, W.D. Missouri) alleges Rawlings refuses to deduct legal costs when recovering liens for Medicare Advantage plans.
Subrogation draws lawsuits from injured patients. The outcome is open; no ruling was listed.
- 07Neutral
Added genetic testing reviews.
Machinify, Jul 13, 2026In Jul 2026 Machinify bought InformedDNA's genetic testing payment integrity business. It found over $70M of savings in one Medicaid program. Price not disclosed.
Small add-on deals continue after the big 2025 buys.
- 08Neutral
Its own numbers do not match.
Machinify home page and Greenhouse posts, checked Nov 3, 2026The home page says 90+ customers and 18 of the top 20 plans; job posts say 85+ plans and many of the top 20, with 270M lives.
Both point to fast growth from 60+ plans in early 2025, but treat exact counts as marketing.
Engineering is paid 12% over market. Data, about the same.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Machinify?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Agents inside, not outside. Builds AI agents for claim audits; no public API, MCP server or llms.txt found.
Still Remote read- YesIts own AI agentsA Jun 2025 company post describes an agentic workflow that pulls values from long medical records and checks its own output for errors. No accuracy figures given.Machinify, Jun 5, 2025
- YesBuilding agents that audit claims end to endIts AI Engineer post describes production agents that read raw medical records and reason over coding guidelines.Greenhouse post, checked Nov 3, 2026
- Not foundAn MCP server or public API for agentsNo developer portal, API docs or MCP server found. docs.machinify.com returned 403.checked Nov 3, 2026
- Not found
- YesLets AI crawlers read its siterobots.txt has only 'User-agent: *' and a sitemap line, with no Disallow rules and no named AI bots.checked Nov 3, 2026
Where Machinify puts AI to work.
- 1Engineers code with AI toolsMachinify says AI engineers will spend a meaningful part of each day driving Claude Code, Codex and similar tools.Greenhouse post, checked Nov 3, 2026
- 2AI in finance work tooAn entry-level accounting post asks the hire to help automate accounting workflows with AI tools.Greenhouse post, checked Nov 3, 2026
- 3Model training rights are negotiatedA new legal role owns AI and data terms with health plans, including model training rights and PHI handling, under a Chief Privacy Officer.Greenhouse post, checked Nov 3, 2026
More listings than on Sep 7, led by clinical.
The signals, and which way they push.
- TailwindCustomer count keeps rising.
From 60+ health plans and 160M lives in Feb 2025 to 85+ plans and 270M lives in Jul 2026.
- TailwindGovernment payers now in reach.
Performant brought Medicare, Medicaid and state government work to a platform that sold mostly to commercial plans.
- HeadwindBigger rivals.
Cotiviti was valued at about $10.5B in 2024 and Optum sits inside UnitedHealth. Both sell payment integrity to the same plans.
- HeadwindFive companies to stitch together.
Customers told KLAS they fear M&A distraction, and the Performant CEO left within a year.
Where Machinify ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Machinify lists on a stock exchange by 2031.
Long shot 16%IPOBuyout firms usually exit by selling to another firm or a strategic buyer. New Mountain has stated no IPO plan and no filing exists.
New Mountain Capital, Jan 2025; search Nov 3, 2026 - 2
New Mountain sells or recapitalizes Machinify by 2031.
Likely 72%M&AIt assembled the business from 2023 to 2025 and funded the last deal with debt. Buyout holds of five to seven years would point to an exit around then.
Healthcare Dive, Sep 2024; Performant proxy, Sep 2025 - 3
Machinify buys more niche review businesses like genetic testing.
Likely 72%ProductIt added InformedDNA's unit in Jul 2026 after two big 2025 deals. Its CEO says genetic testing is one of many areas it is deploying into.
Machinify, Jul 13, 2026 - 4
AI agents do most first-pass medical record reviews at Machinify, with nurses checking.
Coin flip 50%AIIt is building agents for end-to-end claim audits. Regulators and plans still want defensible, human-checked findings.
Greenhouse post; Machinify, Jun 2025 - 5
Machinify is a top-two independent payment integrity vendor with Cotiviti.
Coin flip 50%CompetitionIt already reports 18 of the top 20 plans as customers. Cotiviti and Optum are larger and integration risk is real.
Machinify home page, Nov 2026
Read by the Still Remote research agent on November 3, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.