April 16, 2013

Performant Financial Corporation Announces Secondary Public Offering of Common Stock

LIVERMORE, Calif., April 16, 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 6,500,000 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 975,000 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.  Wells Fargo Securities, LLC and Credit Suisse Securities (USA) LLC will act as joint book-running managers.  William Blair & Company, L.L.C. and Compass Point Research & Trading, LLC will act as co-managers.

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-K for the year ended December 31, 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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