New Mountain Capital to Acquire Machinify, Revolutionizing Healthcare Payments with AI Technology
New Mountain Capital will acquire Machinify and combine it with Rawlings, Apixio PI, and VARIS. The new entity, also called Machinify, aims to transform healthcare payment processes using AI.
The acquisition will create a company with over $500 million in revenue. It will serve more than 60 health plans, including 13 of the top 20 payers. The transaction will close after regulatory approvals, expected in early 2025.
Machinify’s Role in Healthcare
Founded in 2016, Machinify specializes in AI-powered software for healthcare claims. Its cloud-based platform increases automation, accuracy, and efficiency. The platform supports streamlined Audit and Pay workflows, making healthcare payments more efficient.
Leadership Changes
David Pierre will lead the combined company as CEO. Machinify’s Founder and CEO, Prasanna Ganesan, will serve as EVP and Chief Product Officer.
Strategic Vision
Pierre highlighted the aim to simplify healthcare payments and reduce costs using AI and data. Ganesan emphasized transparency and operational streamlining as key goals for the healthcare system.
Support and Investment
The deal has backing from investors, including Eir Partners, Battery Ventures, and Matrix Partners. Financial and legal advisors include Deutsche Bank, Cooley LLP, and J.P. Morgan Securities.
Conclusion
This merger positions Machinify to lead a new era of efficiency in healthcare payments through cutting-edge AI technology.
