The world’s largest companies and brands are being transformed by Perficient, Inc. (Nasdaq: PRFT), a leading global digital consultancy. Today, the company announced that it has entered into a definitive agreement to be acquired by an affiliate of BPEA Private Equity Fund VIII (“EQT Asia”), a division of EQT AB, a purpose-driven global investment organization. The acquisition will be completed entirely with cash, valuing Perficient at an enterprise value of approximately $3.0 billion.
Perficient owners will get paid $76.00 in cash for each share of common stock they own as of the transaction’s conclusion, as per the terms of the agreement. In comparison to the final unaffected trading day before the transaction announcement on April 29, 2024, when Perficient’s stock price closed, the purchase price represents a 75% premium. It also represents a 51% premium over the 30-day volume-weighted average share price of the company for the period ending on April 29, 2024.
“Today’s announcement is the result of a comprehensive review by the Board to maximize value for the company and its shareholders,” said Jeffrey Davis, Chairman of the Board of Perficient. “We are proud of the role Perficient plays in delivering big thinking and innovative ideas, along with a practical approach to help the world’s largest enterprises and biggest brands succeed. With this agreement with EQT, we will provide our shareholders with compelling, certain cash value for their shares while continuing to support our clients in exceeding expectations, outpacing the competition, and growing their businesses.”
“Today marks a momentous next step for our company,” said Tom Hogan, President and CEO of Perficient. “This is an exciting new chapter that would not have been possible without our employees’ hard work and dedication to our clients, partners, and other stakeholders. EQT’s vision for Perficient aligns directly with ours, and I look forward to partnering with them as we continue on our global growth journey.”
Partner Hari Gopalakrishnan of the EQT Private Capital Asia advisory team stated, “Perficient is renowned for its exceptional worldwide delivery and world-class end-to-end digital consulting capabilities. The Perficient team has been successful in extending the range of their services in recent years, and we are eager to help them propel future growth. We are convinced that this new relationship will help boost Perficient’s distinctive position in the industry because we have a great deal of experience investing in the digital technology space.
The Perficient Board of Directors has unanimously authorized the transaction, and it is anticipated to close by the end of 2024, subject to usual closing conditions such as regulatory approvals and approval from Perficient stockholders.
There are no financing requirements associated with this transaction.
Following the completion of the transaction, Perficient will become a private company and its shares will no longer trade on the NASDAQ. Furthermore, Perficient will continue to be led by its present management group, with Tom Hogan serving as CEO and the company’s headquarters remaining in St. Louis.
Perficient released its financial results for the first quarter of 2024 in a separate press release today. The press release can be accessed through the Investor Relations portion of Perficient’s website. The planned conference call has been canceled by Perficient due to the recently disclosed merger with EQT Asia.
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