|[October 14, 2013]
Perficient Acquires CoreMatrix
ST. LOUIS --(Business Wire)--
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 CoreMatrix Systems LLC
("CoreMatrix"), a $15 million annual services revenue consulting firm
specializing in salesforce.com cloud computing services and solutions.
Perficient's (News - Alert) current annualized revenues are now approaching $400
million, and the transaction is expected to be accretive to adjusted
earnings per share immediately.
"We're excited to add to our cloud computing expertise with another
acquisition of a quickly-growing salesforce.com consulting firm," said
Jeffrey Davis, Perficient's chief executive officer and president.
"CoreMatrix's strong East Coast presence complements our acquisition
earlier this year of West Coast-based, salesforce.com-focused Clear
Task. We now have the comprehensive capacity to sell and deliver
Salesforce solutions across the entire United States. Furthermore, we're
excited to add another high-growth and well-run firm with excellent
operating metrics to Perficient."
"Cloud computing has emerged as a key enabler for business efficiency
and agility. There is a growing demand from enterprises to move their
operations to the cloud to reduce costs, empower business innovation,
and create responsive and social organizations," said Kathy Henely,
Perficient's chief operating officer. "Perficient's current cloud
expertise includes offerings from many of the world's leading cloud
computing providers - IBM, Microsoft, Oracle (News - Alert) and salesforce.com. With
the addition of CoreMatrix, Perficient has further enhanced its
salesforce.com partnership, helping clients effectively address market
changes through customized Service Cloud, Sales Cloud and Force.com
The acquisition of CoreMatrix:
Expands Perficient's partnership with salesforce.com, deepening the
company's cloud computing offerings, social strategy and execution
services, and customer relationship management (CRM) user adoption and
change management services;
Adds nearly 75 consulting, technology, sales and support
Adds client relationships with enterprise customers including American
Express, AVON, Bank of America, Blue Cross Blue Shield, Bridgestone,
Computer Associates, Dell (News - Alert), GE, GTECH, Norwegian Cruise Line, PGA Tour,
PharmaNet, RockTenn, State Farm, Transocean, Vertex and many more.
CoreMatrix Managing Members Frank McMahon and Paul Nix join Perficient
in key leadership roles.
"Perficient is well known for its expertise across many technology
platforms and is already perceived as one of the leading cloud
consulting and systems integration consulting firms in the country,"
said McMahon. "Joining the Perficient team accelerates our collective
opportunities for further growth and success."
The closing consideration paid in the transaction is approximately $21.5
million and includes $18.5 million in cash and approximately $3 million
worth of Perficient common stock. Additional consideration of up to $10
million is subject to certain financial achievements and working capital
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 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 (News - Alert)
business partner, a Microsoft National Systems Integrator and Gold
Certified Partner, an Oracle Platinum Partner, a Gold salesforce.com
Cloud Alliance Partner, a TeamTIBCO partner, and an EMC (News - Alert) Select Services
Team Partner. For more information, please visit www.perficient.com.
CoreMatrix is a leading provider of cloud computing consulting, systems
integration, social strategy development, custom application development
and managed services for mid-sized to Fortune 500 companies. With
experience gained from over 1,800 cloud computing engagements,
CoreMatrix is dedicated to helping customers achieve their objectives
and obtain the greatest value from their investments.
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
(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
(3) risks associated with the operation of our business generally,
1. client demand for our services and solutions;
2. maintaining a balance of our supply of skills and resources with
3. effectively competing in a highly competitive market;
4. protecting our clients' and our data and information;
5. risks from international operations;
6. obtaining favorable pricing to reflect services provided;
7. adapting to changes in technologies and offerings; and
8. risk of loss of one or more significant software vendors;
(4) legal liabilities, including intellectual property protection and
(5) risks associated with managing growth through acquisitions 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
results, levels of activity, performance, or achievements. This
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.
[ Back To Technology News's Homepage ]