Ridgecrest Advisors’ Client Perficient Acquires Southport
St. Louis – April 2, 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 Southport Services Group, LLC, a Washington D.C.-based $17 million annual revenue MicroStrategy consultancy with deep expertise in analytics, business intelligence and data warehousing solutions.
The acquisition is expected to be accretive to adjusted earnings per share immediately.
“We are excited to strengthen Perficient further with the strategic acquisition of Southport,” said Jeffrey Davis, Perficient’s chairman and chief executive officer. “Today, it’s an enterprise imperative that organizations are capable of not only continuously capturing data, but also of interpreting and analyzing it properly to make informed real-time business determinations. Adding a quickly-growing and highly-regarded MicroStrategy partner like Southport enhances and expands our ability to thrill our customers with innovation and impact.”
The acquisition of Southport:
- Broadens and deepens Perficient’s data solutions capabilities;
- Increases Perficient’s presence in the Washington D.C. region, adds a location in Phoenix, and a global development center in Mexico City, Mexico;
- Adds approximately 100 consulting, technology, sales and general and administrative professionals; and
- Brings strategic client relationships with Fortune 1000 customers across several industries.
Southport founders Jim Butz and Steve Thompson and partner John Bavis each join Perficient in key leadership roles.
“Perficient is well known for its expertise across many technology platforms and is widely-regarded as one of the largest and most capable digital transformation consulting firms in the country,” said Butz. “Joining the Perficient team accelerates 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 combination of Southport and Perficient promises to be a powerful one for driving Microstrategy ecosystem solutions for enterprise clients,” 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 Platinum 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.
