Financial Technology Partners - The Only Investment Bank Focused Exclusively on Financial Technology


FT Partners Advises Performant on its Initial Public Offering

Overview of Transaction

  • On August 9, 2012, Performant Financial ("Performant") priced its Initial Public Offering on the NASDAQ under the ticker symbol PFMT
  • $93 mm offering (including over-allotment)
  • Provides technology-enabled services to help identify and recover delinquent or defaulted assets and improper payments for both government and private clients in markets including Healthcare and Student Loans
  • Parthenon Capital Partners ("Parthenon"), a private equity firm focused on middle-market companies, is Performant's financial sponsor
  • The syndicate was led by Morgan Stanley and Goldman Sachs and also included Credit Suisse, Wells Fargo Securities, William Blair and SunTrust Robinson Humphrey

Significance of Transaction

  • FT Partners' participation as Performant's capital markets advisor simplified and expedited the "time-to-market" period due to the significant amount of up-front work completed prior to the engagement of the underwriters
  • The Company intends to use the proceeds for general corporate purposes, including potential strategic alliances or acquisitions, and to provide liquidity to its shareholders

FT Partners' Role

  • FT Partners served as strategic, financial and IPO advisor to Performant and its Board of Directors
  • FT Partners managed the entire IPO process, enabling management to focus on growing the business
  • FT Partners developed an extraordinarily detailed and comprehensive set of management and financial materials to showcase Performant's offering to potential underwriters, creating significant demand among major Wall Street institutions and yielding a top-tier underwriting syndicate for the Company