Scoop: New Mountain Capital shopping health payments firm Machinify

New Mountain Capital is looking to sell health payments company Machinify, Axios Pro has learned.

Why it matters: The process comes after NMC's planned health tech portfolio sale to former private equity chief Matt Holt collapsed.

Inside the room: Evercore is advising Machinify, which is being marketed on approximately $750 million in revenue and $300 million-plus in EBITDA, per sources.

The company is meeting with large cap sponsors including Advent International and Goldman Sachs Alternatives, one source says.

Catch up quick: Machinify uses AI to help health insurers identify, prevent and recover improper claims payments.

New Mountain announced the platform in early 2025, combining The Rawlings Group, Apixio's payment-integrity business, and Varis.

Machinify took Performant Healthcare, which focuses on government health programs, private for about $670 million in 2025.

Context: Machinify was one of five NMC portfolio companies in a package to be sold to Holt via his entity Thoreau.

The price was set at $32 billion, but the deal fell apart amid disagreements on debt levels, deferred payments and governance. The sale to Holt's group would have returned capital to LPs at an attractive gain.

Holt has since pivoted, acquiring revenue cycle management company Ensemble from Berkshire Partners and Warburg Pincus for $12 billion. The deal is expected to close this quarter.

What we're watching: There hasn't been an announcement on whether the other four NMC investments in the package — SmarterDx, Datavant, Swoop and Office Ally — will pursue exits.

Machinify, Advent and Goldman declined to comment. NMC and Evercore did not respond to a request for comment.