Perficient Acquires Clear Task, Inc.
Acquisition adds salesforce.com consulting expertise to Perficient
portfolio; Company raises 2013 revenue guidance range
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 San Francisco-based Clear
Task, Inc. (“Clear Task”), an $8 million annual services revenue
consulting firm focused entirely on the salesforce.com product suite.
Perficient’s current annualized revenues are now approaching $380
million, and the transaction 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 $362 million
to $382 million from the previously provided range of $358 million to
$378 million.
“For quite some time we’ve been working to find the right Salesforce
consulting team to add to Perficient,” said Jeffrey Davis, Perficient’s
chief executive officer and president. “In Clear Task, we’ve found a
firm with an excellent reputation, and one that is well-run with
impressive bill rates and margins. This transaction represents a key
strategic investment we’re making to expand our cloud offerings.”
“Clear Task has helped more than 300 companies experience the power of
Salesforce to better serve their customers, manage and motivate their
employees, and engage with their partners and communities,” said Kathy
Henely, Perficient chief operating officer. “Through hundreds of Service
Cloud, Sales Cloud, Chatter and Force.com engagements, Clear Task has
helped enterprise clients become more responsive, efficient, relevant
and social.”
The acquisition of Clear Task:
-
Expands Perficient’s cloud capabilities to include offerings from each
of the world’s leading cloud computing providers - IBM, Microsoft,
Oracle and salesforce.com;
-
Increases Perficient’s West Coast market presence, adding an office in
San Francisco;
-
Adds nearly 50 consulting, technology, sales and support
professionals; and
-
Adds client relationships with several Fortune 500 and Global 2000
enterprises including customers in the high-tech, clean energy and
gaming industries.
Clear Task CEO Andrew O’Driscoll and Vice President of Sales and
Services Marc LeCours join Perficient in key leadership roles.
“For seven years, Clear Task has been 100 percent focused on Salesforce
implementations and customizations,” said O’Driscoll. “We're proud to be
a Gold salesforce.com Cloud Alliance Partner and thrilled to join
Perficient, one of the most capable and highly-regarded systems
integrators in the country.”
The consideration paid in the transaction is approximately $7.9 million
and includes $6.3 million in cash and approximately $1.6 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). Additional consideration of up to
$3.7 million is subject to certain financial achievements and working
capital provisions.
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.
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 Clear Task, Inc.
Recognized as one of the 50 fastest growing businesses in San Francisco,
Clear Task, Inc. provides Salesforce implementations and customizations
for enterprise customers. Clear Task’s professionals help clients
implement Service Cloud, Sales Cloud, Chatter and platform engagement
solutions to strengthen customer, employee and partner relationships,
and maintain their competitive advantage. Clear Task is a Gold
salesforce.com Cloud Alliance Partner. Each member of the Clear Task
team holds one or more Salesforce certifications, and the company boasts
a Certified Technical Architect on staff, one of only 50 in the world.
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 and
the following:
(1) the possibility that our actual results do not meet the projections
and guidance contained in this news release;
(2) the impact of the general economy and economic uncertainty on our
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(3) risks associated with the operation of our business generally,
including:
1. client demand for our services and solutions;
2. maintaining a balance of our supply of skills and resources with
client demand;
3. effectively competing in a highly competitive market;
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5. risks from international operations;
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7. adapting to changes in technologies and offerings; and
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(4) legal liabilities, including intellectual property protection and
infringement;
(5) risks associated with managing growth through acquisitions and
organically; and
(6) the risks detailed from time to time with our filings with the
Securities and Exchange Commission.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
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cautionary statement is provided pursuant to Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. 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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