LIVERMORE, Calif., April 11, 2013 (GLOBE NEWSWIRE) -- Performant Financial Corp. (Nasdaq:PFMT) today announced that Bruce E. Hansen has been elected to serve on its Board of Directors effective April 11, 2013.
Mr. Hansen was the Co-Founder, Chairman, and CEO of ID Analytics, Inc., an information and analytics company with applications across multiple industries, until his recent retirement. Prior to founding ID Analytics, Mr. Hansen was President of HNC Software Inc., a leading provider of high-end analytic and decision management software solutions for global companies in the financial services, insurance, telecommunications and healthcare industries and for government agencies.
"Bruce's experience and expertise places him as a leader and true visionary in innovative analytics across key industries of healthcare, financial, and information services," said Lisa Im, CEO of Performant. "We're excited to have him join our board and look forward to tapping his expertise as we continue to drive value to our clients across industry verticals through data analytic- based enterprise integrity solutions."
Mr. Hansen's areas of expertise include consumer behavior analytics, healthcare analytics, informatics, advanced big-data analytics and technology. Recognized for his leadership in the industry, Mr. Hansen was also one of E&Y's four National Finalists for U.S. Entrepreneur of the Year in 2007. Mr. Hansen commented, "I'm excited to join the Performant board. It's a great company with significant growth opportunities in healthcare and government services. I believe my background in healthcare technology and database development will allow me to contribute to Performant's vision for its future."
Mr. Hansen received his B.A. in Economics from Harvard University and an MBA in Finance from the University of Chicago's Booth School of Business.
The company also announced that William Kessinger, Chief Investment Officer of Parthenon Capital, has resigned from Performant's Board of Directors, a position he has held since January 2004.
"Will has been an excellent Board member for Performant since 2004," said Ms. Im. "We wish to recognize all of the good work that Will has done with the company over the years, and thank him for his talent, passion, time, and experience to help make Performant more successful. We wish him the very best in his future endeavors."
As part of the Company's on-going transition to a board consisting of a majority of independent directors, Mr. Hansen will replace Mr. Kessinger in the class of directors whose term of office will expire at the 2015 annual meeting of stockholders.
About Performant Financial Corporation
Performant Financial Corporation is a leading provider of technology-enabled recovery and related analytics services. The Company's services help identify and recover delinquent or defaulted assets and improper payments for various government, healthcare and financial services markets in the United States. The Company was founded in 1976 and is headquartered in Livermore, California.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's future growth opportunities. 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.