Artificial-intelligence company Machinify has agreed to acquire Performant Healthcare for roughly $670 million in cash, or $7.75 a share, representing a 139% premium to the target’s last closing price. Performant’s board has approved the transaction, which is expected to be completed by the end of 2025, subject to customary regulatory and shareholder approvals. Machinify said the purchase will bolster its health-care payments platform by streamlining claims processing, reducing administrative costs and modernizing information-technology systems for insurers and providers. The companies did not disclose financing terms for the deal.