Perficient, Inc. (Nasdaq: PRFT) is a leading eBusiness solutions provider to Global 2000 and major midsize companies, enables its clients and partners to optimize profitability and strengthen customer relationships through reliable, quick- to-market eBusiness solutions. Perficient employs more than 175 professionals in five offices in the United States, Canada and Europe. Perficient’s partners are leading eBusiness technology and services providers including IBM, Sun, Microsoft, Vignette, Intranet Solutions, Autonomy and Interwoven.
Perficient, Inc. and Vertecon, Inc., a privately-held eBusiness solutions firm based in St. Louis, announced that they signed a definitive merger agreement under which Perficient would acquire Vertecon. The stock-for-stock deal, which was accretive to earnings, created a profitable eBusiness services leader with annual sales in excess of $25 million, more than 175 staff in five offices across North America and Europe and client relationships with over 250 Global 2000 and midsize companies. Outcome Capital initiated discussions, helped negotiate and served as the exclusive advisor to Perficient on the deal.
“This transaction marks an important step forward in our plan to build the dominant eBusiness solutions provider in the midwestern and southwestern US,” said Jack McDonald, Chairman and Chief Executive Officer, Perficient. “It complements our national affinity services partnership with IBM and enables us to offer clients and partners a broader array of end-to-end eBusiness solutions. Vertecon’s existing clients can expect the same outstanding service they currently receive as key executives, account managers, project managers and other personnel will stay in place.”
While Perficient kept its headquarters in Austin, St. Louis became the operations hub for serving Perficient’s midwestern client base. As a part of the transaction, key members of Vertecon management assumed senior roles at Perficient.
“Joining forces with Perficient is the logical next step in our growth,” said Charles Windsor, President and Chief Executive Officer, Vertecon, Inc., who departed from day-to-day operations but remained a consultant to Perficient. “Our clients now have a larger, stronger services partner that can provide a wider and deeper offering of solutions across more markets.”
The terms of the agreement called for Perficient to issue up to 2.6 million shares of Perficient stock to Vertecon, subject to satisfying certain conditions in the first year following the closing of the transaction. The deal, subject to various conditions including approval by Perficient’s shareholders, closed by the first quarter of 2002. The companies began integrating operations immediately after they announced the merger.