In a thrilling twist of corporate matchmaking, Perficient, Inc., the digital consultancy giant, is tying the knot with an affiliate of BPEA Private Equity Fund VIII (a charming suitor from EQT Asia). The deal, sealed entirely in cash, pegs Perficient’s value at a whopping $3.0 billion—talk about a grand wedding gift!
Perficient’s shareholders are set to dance all the way to the bank, receiving a crisp $76.00 per share. This generous offer is a sweet 75% more than the stock’s last solo dance on the trading floor before the engagement announcement on April 29, 2024. It’s also a hefty 51% above the 30-day volume-weighted average, showing just how much EQT adores its new partner.
Jeffrey Davis, Perficient’s Chairman of the Board, gushed about the match, noting the board’s meticulous courting process to ensure a dazzling future for shareholders. He praised Perficient’s knack for blending big ideas with practical strategies to help heavyweight clients dazzle and thrive. With EQT stepping into the scene, shareholders are promised a “compelling, certain cash value” for their shares, ensuring the romance keeps blooming.
Tom Hogan, President and CEO of Perficient, couldn’t hide his excitement about entering this new chapter with EQT. He credited the hardworking employees for setting the stage for this blockbuster union, ready to continue their global growth spree with a partner who shares their vision.
Meanwhile, Hari Gopalakrishnan from EQT’s advisory team was equally enthusiastic. He lauded Perficient’s world-class digital prowess and is keen to fuel their service expansion. He’s confident that EQT’s deep pockets and digital smarts will propel Perficient to new heights in the digital tech soiree.
The Perficient board has given this merger their unanimous blessing, expecting the deal to be consummated by the end of 2024, pending the usual regulatory and shareholder nods. Once the deal is sealed, Perficient will ditch its public status and cozy up as a private entity, with headquarters still partying in St. Louis under the same management team led by CEO Tom Hogan.
In other news, Perficient flaunted its Q1 financial muscles today, though they’ve decided to skip the usual earnings call chit-chat, presumably too busy planning their merger bash with EQT Asia. For those eager for the financial gossip, it’s all there on the Investor Relations section of their website.
