Charlotte, NC; April 5, 2004 - DecisionPoint International, a boutique investment bank providing merger and acquisition services to middle-market technology clients, announced today that its client, Perficient, Inc. (NASDAQ: PRFT, “Perficient” or “Company”), a leading eBusiness solutions provider to Global 3000 companies in the central United States, has acquired Genisys Consulting, Inc., a privately-held, Chicago-based eBusiness solutions firm with $10 million in revenues. The acquisition creates a firm with annual revenues of approximately $40 million, more than 210 consulting, technology, sales and support professionals in six offices in North America and client relationships with more than 300 Global 3000 companies. The transaction is expected to be accretive to earnings.
“This transaction marks a strategic milestone as we execute on our plan to become the dominant eBusiness solutions provider in the central United States,” said Jack McDonald, chairman and chief executive of Perficient. “Genisys is a well-run, profitable firm with a 14-year track record of growth. In addition to being accretive to earnings and adding major new talent and clients to our business, the acquisition of Genisys will help us achieve our goal of a $50 million revenue run-rate by the end of 2004.”
The acquisition brings a number of benefits to Perficient, including:
Expanding Perficient’s presence in its core central U.S. geography and creating critical mass in the strategic Chicago market;
Adding enterprise clients including Wachovia Securities, Watson Wyatt Worldwide, Chicago Board of Trade, Chicago Mercantile Exchange, Deutsche Asset Management, Robert Bosch Corporation and many others;
Increasing the array of services and expertise Perficient can offer clients throughout its network;
Adding proven management leadership in Chicago and 65 consulting, technology, sales and support professionals; and
Providing a Washington, D.C. area office location from which to launch a federal systems practice.
“We believe Perficient is well on its way to becoming the dominant industry player in the central US and we’re excited to be a part of their team,” said Jeff Martini, the CEO of Genisys. “Our existing clients can expect the same outstanding service they currently receive as key executives, account managers, technologists and project managers will continue to play prominent roles in the new company. In addition, by becoming part of Perficient, we can now add increased value to our clients by offering them a broader and stronger array of services.”
The total value of the deal is approximately $7.9 million, and includes approximately $1.5 million in cash and up to $6.4 million worth of Perficient common stock, subject to satisfying certain conditions in the first three years following the closing of the transaction. DecisionPoint International served as advisor to Perficient on the transaction.
About Perficient, Inc.
Perficient is a leading provider of eBusiness solutions to Global 3000 companies in the Central United States. Perficient helps companies acquire and strengthen their customer relationships, reduce their costs and empower their employees by helping them create Enabled Enterprises(TM), Web-based infrastructures with dynamically-integrated business applications that extend enterprise technology assets to customers, employees, suppliers and partners. Perficient is an award-winning “Premier Level” IBM business partner and a recognized expert in IBM’s WebSphere® software. Perficient’s other partners consist of leading eBusiness technology and services providers including Microsoft, Stellent, Bowstreet, Wily Technology, Tibco, Mainline, Digex, Fusion and others. For more information about Perficient, which has more than 140 professionals in the Central US and Canada, please visit http://www.perficient.com. IBM and WebSphere are trademarks of International Business Machines Corporation in the United States, other countries, or both.
About Genisys, Inc.
Founded in 1990, Genisys is a privately-held Elk Grove Village, Ill.-based information technology consulting firm delivering effective business productivity solutions at every level of an organization. Genisys builds reliable and secure technology solutions that enable the sharing and guaranteed delivery of information across the extended enterprise.
DecisionPoint is a global leader in M&A advisory services for middle-market technology companies in the services, software, and communication sectors. For additional information on DecisionPoint, visit www.DecisionPointINT.com.
For further information, contact: Doug Ellis, Managing Partner; (704) 916-9070; DEllis@DecisionPointINT.com.