PRFT Perficient Inc

United States

Securities and Exchange Commission

Washington, DC 20549

 

Form 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 18, 2015

PERFICIENT, INC.

(Exact Name of Registrant as Specified in its Charter)

Registrant's telephone number, including area code (314) 529-3600

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01 REGULATION FD DISCLOSURE

On September 18, 2015, Perficient, Inc. issued a press release announcing the acquisition of Market Street Solutions, Inc., a Tennessee corporation. The press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

In accordance with General Instruction B.2 of Form 8-K, the foregoing information in this Item 7.01 and the attached Exhibit 99.1 is deemed to be furnished and shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall such information and Exhibit be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Exhibit Index

 

EXHIBIT 99.1

 

For more information, please contact:

Bill Davis, Perficient, 314-529-3555

bill.davis@perficient.com

 

PERFICIENT ACQUIRES MARKET STREET SOLUTIONS

SAINT LOUIS, MO (Sept. 18, 2015) – Perficient, Inc. (NASDAQ: PRFT) ("Perficient"), a leading information technology and management consulting firm serving Global 2000 and other large enterprise customers throughout North America, today announced it has acquired Market Street Solutions, Inc. ("Market Street"), a $10 million annual services and software revenue IT consulting firm specializing in the development, implementation, integration and support of big data, analytics and financial performance management solutions.

The acquisition is expected to be accretive to adjusted earnings per share immediately.

"We are excited to strengthen our analytics capabilities with this small yet strategic acquisition," said Jeffrey Davis, Perficient's chief executive officer and president. "Market Street's reputation, customer-centric mentality, and solid client roster ensures a strong cultural fit and compelling opportunities for accelerated growth moving forward."

The acquisition of Market Street:

•	Enhances and expands Perficient's IBM analytics capabilities;

 

•	Increases Perficient's geographic footprint, adding a U.S. market location in Tennessee and a strong southeastern U.S. presence;

 

•	Adds approximately 30 consulting, technology, sales and support professionals; and

 

•	Adds client relationships with enterprise customers including Cigna-Healthspring, Cracker Barrel, Diversicare Healthcare Services, Electric Power Board, LifePoint Health, North Highland, Pilot Travel Centers, Protective Life Insurance Corporation, TeamHealth and Varsity Brands.

 

Market Street's Chief Executive Officer Jeff Wade joins Perficient in a key leadership role.

"Perficient is widely-regarded as one of the finest and most capable IBM business partners in North America," said Wade. "We're thrilled to join a firm with a reputation for excellence and a distinguished track record of delivering outstanding digital experience, business optimization and industry solutions to the world's leading enterprises."

 

Total consideration to be paid at closing will be approximately $5.3 million, consisting of approximately $4.1 million in cash and approximately $1.2 million in Perficient common stock (based on the average closing price of Perficient's common stock on the NASDAQ Global Select Market for the 30 trading days immediately preceding the closing date per the terms of the purchase agreement). The purchase price is subject to a net working capital adjustment and earnings-based contingent consideration of up to approximately $1.2 million, payable in cash.

 

Randy Grigg, managing partner of Ridgecrest Advisors, advised Perficient on the transaction in his capacity as a registered investment banking agent of M&A Securities Group, Inc.

Perficient (NASDAQ:PRFT)
Historical Stock Chart
From Mar 2024 to Apr 2024

Perficient (NASDAQ:PRFT)
Historical Stock Chart
From Apr 2023 to Apr 2024