Evolent Health, Inc. (NYSE:EVH) agreed to acquire Certain assets of Machinify Inc for $32 million on June 4, 2024. The consideration consist of $25 million cash payment and $7 million as an earnout based on performance. The acquisition also includes perpetual, royalty-free license of Machinify Auth.

The transaction was funded with the cash on hand and existing credit facility. In addition, certain employees of Machinify will be re-badged as Evolent employees upon closing. The acquisition is subject to customary closing conditions and is expected to close in the third quarter of 2024.