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New Mountain Capital to acquire Machinify and combine with leading healthcare intelligence and payment platform

Press releases may be edited for formatting or style | January 13, 2025 Business Affairs
NEW YORK, New York, DALLAS, Texas and PALO ALTO, California – January 10, 2025 – New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm with more than $55 billion in assets under management, today announced a definitive agreement to acquire Machinify​, Inc.​(“Machinify”), a leading provider of artificial intelligence (AI)-powered software transforming healthcare payments. Machinify will become a core part of the company recently formed through the merger of The Rawlings Group (“Rawlings”), Apixio’s Payment Integrity business (“Apixio PI”), and VARIS. The combined organization, to be named Machinify at close, will bring together revolutionary technology, clinical expertise, and a wealth of data to transform healthcare payments and build a frictionless foundation for healthcare administration for all stakeholders.

Founded in 2016, Machinify has developed an innovative cloud-based data intelligence platform that enables the secure, safe, and transparent deployment of purpose-built AI-powered applications to optimize the healthcare claims lifecycle. Machinify’s foundational operating system, which powers the company’s Audit and Pay workflows, has advanced the level of automation, efficiency, and accuracy within healthcare payments infrastructure.

With the addition of Machinify’s​​cloud AI platform and highly accomplished team of developers, data scientists and AI experts, the combined entity will be well-positioned to accelerate the shift to a more automated, accurate healthcare payment reconciliation paradigm. The combined company will have more than 2,000 employees serving more than 60 health plans, including 13 of the top 20 payers.

Upon closing, David Pierre will lead the combined company as CEO, with Machinify’s Founder and CEO Prasanna Ganesan assuming the role of EVP and Chief Product Officer and joining the Board of Directors. Rawlings, Apixio PI and VARIS will maintain their respective legacy sub-brand names. 

“The planned combination with Machinify reflects our strategy of utilizing data and AI, coupled with deep domain expertise, to simplify and reduce costs across the healthcare payment process,” said Mr. Pierre. “Together with Machinify​,​ we will provide a suite of products and services that mitigates the complexities throughout the industry that impact performance and affordability, and enhances efficiencies for payers, providers and patients.”

Dr. Ganesan added, “We are proud to build on the transformative AI platform that we have developed at Machinify as we take this next important step forward. With the proven track record of Rawlings, Apixio PI, and VARIS in delivering exceptional outcomes for blue-chip health plans, we are well-positioned to accelerate our mission of creating a next-generation infrastructure for healthcare administration — one that streamlines operations and fosters greater transparency across the healthcare system."

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