Performant Financial Corp: insider trades · United States · SEC (Form 4)

About Performant Financial Corp

Performant Financial Corp. (ticker PFMT) was listed on the NASDAQ market in the United States and operated as a technology-enabled services company focused on healthcare payment integrity and related analytics. In practical terms, Performant helped payers identify, prevent, and recover waste, improper payments, and other reimbursement errors by combining proprietary data assets, analytics, and workflow technology. The company’s filings describe it as operating with a single reporting segment, which underscores a relatively focused business model centered on healthcare payer solutions rather than a diversified multi-vertical platform. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1550695/000155069524000098/pfmt-20240930.htm?utm_source=openai)) Historically, Performant is a Delaware corporation formed in 2003, but its operating roots go back much further through PRI, its core subsidiary, which was founded in 1976. That long operating heritage matters because it suggests deep experience in audit, recovery, and compliance-intensive services. For headquarters, the most recent SEC filings state that Performant’s Plantation, Florida facility served as corporate headquarters; earlier materials had referenced Livermore, California, which indicates the company’s headquarters footprint changed over time. For investors, the key takeaway is that by 2024–2025 the corporate base was in Florida. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1550695/000155069525000008/pfmt-20241231.htm?utm_source=openai)) Performant’s core offering sat at the intersection of healthcare services, analytics, and recoveries. The company supported payers in spotting billing anomalies, validating eligibility, and recovering overpayments using advanced technology and proprietary data. Its competitive position was built less on capital intensity and more on domain expertise, data-driven models, and the ability to navigate a complex reimbursement environment. In a market like U.S. healthcare payment integrity, the moat typically comes from know-how, implementation capability, client relationships, and compliance execution. Performant’s disclosures also highlight that its business was concentrated in the United States, with healthcare payers as the principal customer base. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1550695/000155069525000008/R24.htm?utm_source=openai)) As a listed company on NASDAQ in the United States, PFMT’s more recent corporate story was dominated by M&A rather than organic expansion. On July 31, 2025, Performant entered into a definitive merger agreement with Machinify, a healthcare intelligence company backed by New Mountain Capital. The company announced that stockholders would receive $7.75 in cash per share, and the transaction was later approved by stockholders at a special meeting on October 17, 2025. The merger closed on October 21, 2025, meaning Performant ceased to be an independent public equity story after that date. For a market overview, that is the most important recent development: the company moved from public-market operating asset to acquired healthcare technology platform. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1550695/000155069525000061/exhibit9911.htm?utm_source=openai))