For the second time in two months, Performant Financial Corp. has sold off some of its assets, this time selling parts of its business — including customer contracts — to Transworld Systems Inc. (TSI). Terms and specifics of the deal were not disclosed.
Back in March, Performant announced it had sold some of its recovery contracts that were outside of the healthcare industry, including its student loan agreements, to an unnamed buyer as part of a corporate strategy to “fully dedicate” itself to its healthcare business.
While it did not disclose the assets that it acquired, one possibility involves Performant selling all or part of a collection agency it owns in Indianapolis — Premiere Credit of North America. On its website, Performant touts Premiere as a “provider of asset recovery services to clients in the student loan, government, healthcare and commercial markets.” Now, if you read the following quote from the chief executive officer of TSI about how the acquisition will help its company, you may notice something familiar.
“The acquisition of the Performant customer assets will allow TSI to expand our government, healthcare revenue cycle management, and financial services collection business,” said TSI Chief Executive Officer Joseph Laughlin, in a statement. “We welcome the Performant customers and employees to the TSI family.”
TSI, meanwhile, has been on a bit of an acquisition binge in the past two years. Back in 2019, it purchased the financial services business of Altisource Portfolio Solutions, including Nationwide Credit, for $44 million, Credit Bureau of Lancaster County’s collection division, and Alltran Financial Services
