Largest Independent FileNet Consultancy in U.S. and Five-Time
FileNet Partner of the Year Joins Perficient; Company Raises 2013 Revenue Guidance Range to $358 million to $378
million
Perficient,
Inc. (NASDAQ: PRFT), a leading information technology consulting
firm serving Global 2000 and other large enterprise customers throughout
North America, today announced it has acquired northeastern U.S.-based
TriTek Solutions, Inc. (“TriTek”), an IBM-focused enterprise content
management and business process management consulting firm that
generated $19 million in 2012 services revenue.
The transaction will increase Perficient’s current annualized revenues
to approximately $360 million and is expected to be accretive to
adjusted earnings per share immediately. With the acquisition, the
company is raising its full year 2013 revenue guidance to a range of
$358 million to $378 million from the previously provided range of $345
million to $365 million.
“Already one of the largest IBM systems integrators in the country,
we’re pleased to strengthen our skills even further with the addition of
TriTek - another IBM Premier Partner,” said Jeffrey Davis, Perficient’s
chief executive officer and president. “TriTek brings meaningful
services expertise, impressive bill rates and margins, important
intellectual property assets and a proven track record of growth,
profitability and client satisfaction.”
“We’re thrilled to announce this strategic expansion of our IBM
practice. TriTek’s outstanding FileNet reputation and expertise deepens
our existing capabilities and further positions Perficient as the IBM
solution provider of choice for enterprises across North America,” said
John Jenkins, Perficient’s vice president of IBM operations.
“Furthermore, we expect this development will positively impact
Perficient’s financial services practice, given TriTek’s critical mass
in the northeastern U.S. and strong financial services industry client
roster.”
The acquisition of TriTek:
-
Increases Perficient’s market presence in the northeastern United
States, adding offices in the key geographies and technology markets
of New York City, Boston and Washington, D.C. metro area;
-
Adds approximately 120 consulting, technology, sales and support
professionals; and
-
Adds client relationships with several Fortune 500 and Global 2000
enterprise customers, including many of the world’s leading financial
services and insurance firms.
All TriTek co-founders will join Perficient in key leadership roles.
Co-founder and Chief Executive Jack Finnegan will join as a general
manager and report directly to John Jenkins. Co-founders Peter Gretz and
Chris Leach join as directors.
“Perficient is well known for its expertise across many technology
platforms and is widely-regarded as one of the largest and most capable
systems integrators in the country,” said Finnegan. “Joining the
Perficient team accelerates our collective opportunities for continued
growth and success.”
In addition to extensive expertise with IBM technologies, Perficient and
TriTek leverage partnerships with other leading technology innovators
including Pegasystems, Inc. and EMC to provide clients end-to-end,
integrated business-driven technology solutions. Both Perficient and
TriTek will demonstrate their ECM expertise at EMC
World 2013, which takes place May 6-9 in Las Vegas. Perficient and
TriTek experts will exhibit in the Solutions Pavilion and will discuss
hot topics like content management and integration, content assessments,
cloud computing and virtualization, and backup, recovery and archiving,
and how companies can integrate the newest EMC-certified solutions to
meet their business needs.
The consideration paid in the transaction is approximately $18.5 million
and includes $13.2 million in cash and approximately $5.3 million worth
of Perficient common stock (based on the average closing price of
Perficient’s common stock on the NASDAQ Global Select Market for the
thirty trading days immediately preceding the acquisition close per the
terms of the acquisition agreement).
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. TM Capital Corp., a middle market
focused investment bank with offices in Boston, New York and Atlanta,
served as financial advisor to TriTek Solutions.
About Perficient
Perficient is a leading information technology consulting firm serving
Global 2000 and enterprise customers throughout North America.
Perficient’s professionals serve clients from a network of offices
across North America and three offshore locations, in Eastern Europe,
India, and China. Perficient helps clients use Internet-based
technologies to improve productivity and competitiveness, strengthen
relationships with customers, suppliers and partners, and reduce
information technology costs. Perficient, traded on the Nasdaq Global
Select Market, is a member of the Russell 2000® index and the S&P
SmallCap 600 index. Perficient is an award-winning “Premier Level” IBM
business partner, a TeamTIBCO partner, a Microsoft National Systems
Integrator and Gold Certified Partner, an EMC Select Services Team
Partner, and an Oracle Platinum Partner.
About TriTek Solutions, Inc.
TriTek Solutions, an IBM Software ValueNet partner and Premier
PartnerWorld member, has become the leader in the design, development
and delivery of Enterprise Content Management and Business Process
Management solutions. Offering industry-specific applications for the
financial services, insurance, utilities and government verticals,
TriTek is dedicated to solving the greatly varied and complex business
problems of its customers. Having earned the IBM Beacon Award for the
Most Outstanding Information on Demand solution and numerous other
industry accolades, TriTek’s community-wide leadership status in the
implementation of IBM ECM and BPM solutions is consistently recognized.
More information about TriTek Solutions may be found at www.triteksol.com.
Safe Harbor Statement
Some of the statements contained in this news release that are not
purely historical statements discuss future expectations or state other
forward-looking information related to financial results and business
outlook for 2013. Those statements are subject to known and unknown
risks, uncertainties, and other factors that could cause the actual
results to differ materially from those contemplated by the statements.
The “forward-looking” information is based on management’s current
intent, belief, expectations, estimates, and projections regarding our
company and our industry. You should be aware that those statements only
reflect our predictions. Actual events or results may differ
substantially. Important factors that could cause our actual results to
be materially different from the forward-looking statements include (but
are not limited to) those disclosed under the heading “Risk Factors” in
our annual report on Form 10-K for the year ended December 31, 2012.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance, or achievements. This
cautionary statement is provided pursuant to Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. The forward-looking statements in this release are made only as of
the date hereof and we undertake no obligation to update publicly any
forward-looking statement for any reason, even if new information
becomes available or other events occur in the future.
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