Performant Financial Corporation Announces Secondary Public Offering of Common Stock

Performant Financial Corporation Announces Secondary Public Offering of Common
Stock

LIVERMORE, Calif., Jan. 22, 2013 (GLOBE NEWSWIRE) -- Performant Financial
Corporation (Nasdaq:PFMT) today filed a registration statement with the
Securities and Exchange Commission with respect to a proposed secondary public
offering of 7,000,000 shares of common stock on behalf of certain selling
stockholders. The public offering will consist entirely of shares to be
offered by certain selling stockholders and Performant will not receive any
proceeds from the proposed offering. In addition, it is anticipated that the
selling stockholders will grant the underwriters a 30-day option to purchase
up to 1,050,000 additional shares of common stock at the public offering
price.

Goldman, Sachs & Co. and Morgan Stanley & Co. LLC will act as lead joint
book-running managers. Credit Suisse Securities (USA) LLC and Wells Fargo
Securities, LLC will act as joint book-running managers. William Blair &
Company, L.L.C. will act as a co-manager.

The offering is being made only by means of a prospectus, copies of which may
be obtained from Goldman, Sachs & Co., 200 West Street, New York, New York
10282, Attention: Prospectus Department (Tel: +1 866 471 2526; e-mail:
prospectus-ny@ny.email.gs.com) or Morgan Stanley & Co. LLC, 180 Varick Street,
2nd Floor, New York, New York 10014, Attention: Prospectus Department (Tel: +1
866 718 1649; e-mail: prospectus@morganstanley.com).

A registration statement relating to these securities has been filed with the
Securities and Exchange Commission. This press release is for informational
purposes only and shall not constitute an offer to sell or a solicitation of
an offer to buy, nor shall there be any sale of these securities in any state
or jurisdiction in which such an offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of any such
state or jurisdiction.

Forward-Looking Statements

This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on current expectations, estimates,
assumptions and projections that are subject to change and actual results may
differ materially from the forward-looking statements. Factors that could
cause actual results to differ materially include, but are not limited to, the
high level of revenue concentration among the Company's five largest
customers, that many of the Company's customer contracts are subject to
periodic renewal, are not exclusive and do not provide for committed business
volumes, that the Company faces significant competition in all of its markets,
that the U.S. federal government accounts for a significant portion of the
Company's revenues, that future legislative and regulatory changes may have
significant effects on the Company's business, failure of the Company's or
third parties' operating systems and technology infrastructure could disrupt
the operation of the Company's business and the threat of breach of the
Company's security measures or failure or unauthorized access to confidential
data that the Company possesses. More information on potential factors that
could affect the Company's financial condition and operating results is
included from time to time in the "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations" sections of the
Company's Form 10-Q for the quarter ended September 30, 2012. The
forward-looking statements are made as of the date of this press release and
the Company does not undertake to update any forward-looking statements to
conform these statements to actual results or revised expectations.

CONTACT: Richard Zubek
         Investor Relations
         925-960-4988
         investors@performantcorp.com
 
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