Ridgecrest Advisors’ Client Perficient Acquires Stone Temple
St. Louis – July 16, 2018 – Ridgecrest Advisors announced today that its client, Perficient, Inc. (NASDAQ: PRFT), the leading digital transformation consulting firm serving Global 2000 and other large enterprise customers throughout North America, today announced it has acquired Stone Temple Consulting Corporation (“Stone Temple”), an award-winning Boston-based $9 million annual revenue digital marketing agency.
The acquisition is expected to be accretive to adjusted earnings per share immediately.
“We are excited to continue to strengthen our digital capabilities with the strategic acquisition of Stone Temple,” said Jeffrey Davis, Perficient’s chairman and CEO. “Stone Temple’s capabilities are highly complementary to those of our award-winning digital agency, Perficient Digital. Stone Temple’s reputation for delivering excellent search engine optimization and content marketing solutions, customer-centric mentality, and solid client roster ensures a strong cultural fit and compelling opportunities for accelerated growth moving forward.”
The acquisition of Stone Temple:
- Broadens and deepens Perficient’s digital marketing, content marketing, search engine optimization marketing and content services;
- Increases Perficient’s presence in the Northeast region;
- Adds approximately 60 consulting, technology, sales and general and administrative professionals; and
- Brings strategic client relationships with Fortune 1000 customers across several industries.
Stone Temple founder and CEO Eric Enge, the 2016 US Search Personality of the Year (US Search Awards) and 2016 Search Marketer of the Year (Search Engine Land’s Landy Awards), joins Perficient in a key leadership role.
“Perficient and Perficient Digital are well known for expertise across many technology platforms and are widely-regarded as one of the largest and most capable digital transformation consulting firms in the country,” said Enge. “We’re thrilled to join the Perficient team and accelerate our collective opportunities for continued growth and success.”
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. “The acquisition of Stone Temple is the latest example of Perficient’s successful use of a highly targeted M&A program to strengthen and extend its digital transformation capabilities,” said Grigg.
About Perficient
Perficient is the leading digital transformation consulting firm serving Global 2000® and enterprise customers throughout North America. With unparalleled information technology, management consulting, and creative capabilities, Perficient and its Perficient Digital agency deliver vision, execution, and value with outstanding digital experience, business optimization, and industry solutions. Our work enables clients to improve productivity and competitiveness; grow and strengthen relationships with customers, suppliers, and partners; and reduce costs. Perficient’s professionals serve clients from a network of offices across North America and offshore locations in India and China. Traded on the Nasdaq Global Select Market, Perficient is a member of the Russell 2000 index and the S&P SmallCap 600 index. Perficient is an award-winning Premier Level IBM business partner, a Microsoft National Service Provider and Gold Certified Partner, an Oracle Platinum Partner, an Adobe Premier Partner, and a Gold Salesforce Consulting Partner. For more information, visit www.perficient.com.
About Ridgecrest Advisors
Ridgecrest Advisors is an investment banking and business consulting firm dedicated to helping technology consulting firms dramatically increase enterprise value. Ridgecrest Advisors helps clients in four core areas:
1. Buy-side M&A advisory: We help technology consulting clients increase enterprise value by successfully executing transactions which fortify, extend or transform their businesses. We have run three of the most active acquisition programs in the sector over the last 15 years and bring deep insight into full lifecycle M&A efforts.
2. Sell-side M&A advisory: We help technology consulting clients achieve premium valuations with attractive deal structures through a process that emphasizes speed and risk mitigation. Our deep industry expertise, expansive relationships with the buyer community and unmatched understanding of the perspectives of acquiring firms provide a unique ability to execute optimal transactions.
3. Business consulting: Our Enterprise Value Optimization program helps technology consulting clients improve relative performance visibility, increase profit margins and reduce business risk. With our extensive experience from evaluating hundreds of consultancies while running acquisition programs, we bring unique insight into key performance indicator benchmarks and best practices of highly profitable firms.
4. Private placements: Our ability to successfully raise capital allows our technology consulting clients to build value through funded strategic investment and reduce personal financial risk by realizing partial liquidity on their ownership positions. We have extensive relationships with private equity and debt financing providers who have experience and/or interest in the technology consulting sector.
All services involving securities are offered through M&A Securities Group, Inc. (“MAS”), member FINRA/SiPC; 4151 North Mulberry Drive, Suite 252; Kansas City, MO 64116; 816.888.7920. MAS and Ridgecrest are not affiliated entities.
