Global digital consultancy company Perficient announced that it has entered into a definitive agreement to be acquired by a BPEA Private Equity Fund VIII (EQT Asia) affiliate in an all-cash deal that will value Perficient at about $3 billion.
As part of the deal, Sufficient stockholders will receive $76 per share in cash for each share of common stock they own as of the transaction’s closing.
The purchase price represents a 75% premium to Perficient’s closing stock price on April 29, 2024, which is the last unaffected trading day before the transaction announcement, and a 51% premium to the company’s 30-day volume-weighted average share price for the period ending April 29, 2024.
The deal—which was unanimously approved by Perficient’s Board of Directors—is expected to close by the end of the year, subject to customary closing conditions, including approval by Perficient stockholders and receipt of regulatory approvals. It is not subject to a financing condition.
Upon the deal’s completion, Perficient’s shares will no longer trade on the NASDAQ, and Perficient will become a private company. Perficient’s headquarters will remain in St. Louis, Tom Hogan will continue as CEO, and the current management team will continue leading Perficient.
BofA Securities is serving as lead financial advisor and Wells Fargo as financial advisor to Perficient in connection with the transaction. And Kirkland & Ellis is serving as Perficient’s legal advisor. J.P. Morgan and TD Securities are serving as financial advisors to EQT, and Simpson Thacher & Bartlett is acting as legal advisor.
KEY QUOTES:
“Today’s announcement is the result of a comprehensive review by the Board to maximize value for the company and its shareholders. 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.”
- Jeffrey Davis, Chairman of the Board of Perficient
“Today marks a momentous next step for our company. 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.”
- Tom Hogan, President and CEO of Perficient
“Perficient is well known for its world class end-to-end digital consulting capabilities, and unmatched global delivery. In recent years, the Perficient team has been successful in expanding the scope of their offerings, and we look forward to supporting them in driving further growth. We have significant experience investing in the digital technology space, and I am confident that this exciting partnership will help strengthen Perficient’s unique position in the marketplace.”
- Hari Gopalakrishnan, Partner within the EQT Private Capital Asia advisory team
