Ridgecrest Advisors’ Client Perficient Reaches Definitive Agreement to Acquire SMEDIX
SAINT LOUIS, MO (October 20, 2023) – Ridgecrest Advisors announced today that its client, Perficient, Inc. (NASDAQ: PRFT) (“Perficient”), the leading digital consultancy transforming the world’s largest enterprises and biggest brands, has entered into a purchase agreement to acquire SMEDIX, Inc. (“SMEDIX”), an approximately $12 million revenue healthcare software engineering firm headquartered in San Diego, California, with offshore operations located in Cluj-Napoca, Romania.
“We’re thrilled to continue to strengthen our healthcare industry digital capabilities, enhance our global delivery capacity, and expand further within Eastern Europe with the strategic acquisition of SMEDIX,” said CEO Tom Hogan. “Nearly 175 skilled global professionals are joining Perficient and bringing their award-winning agile software development, testing and support experience capabilities to the team.”
The acquisition of SMEDIX will:
- Strengthen Perficient’s healthcare industry software development capabilities and capacity with enhanced agile software design, development, testing and support for biomedical and healthcare customers, enhancing patient care, reducing costs and accelerating innovation;
- Broaden Perficient’s clinical diagnostic and medical device product offerings, bringing specializations in medical software development, systems engineering, data analytics and machine learning, bioinformatics, cloud and IoT applications, product compliance, and mobile applications;
- Expand Perficient’s presence in Eastern Europe, adding an offshore software development location in Cluj- Napoca, Romania;
- Add nearly 175 skilled global professionals; and
- Bring strategic client relationships 100% focused in the biomedical and healthcare industry.
SMEDIX President and CEO Fayez Sweiss will join Perficient in a key leadership role.
“Perficient is well known for its world class end-to-end digital consulting capabilities, deep healthcare and life sciences industry expertise, and unmatched global delivery,” said Sweiss. “We’re excited to join forces to not only deepen our healthcare digital experience and expertise, but also to further help our clients enhance patient care through innovative software solutions and technologies.”
The parties are targeting a closing in January 2024, subject to customary closing conditions and regulatory approval. The Agreement includes customary representations, warranties and covenants by the parties and customary termination rights for the Company and the selling shareholder.
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 SMEDIX and its Romania-based medical software development expertise is an exciting addition to Perficient’s portfolio of service offerings for the world’s leading biomedical and healthcare companies,” said Grigg.
About Perficient
Perficient is the leading global digital consultancy. We imagine, create, engineer, and run digital transformation solutions that help our clients exceed customers’ expectations, outpace competition, and grow their business. With unparalleled strategy, creative, and technology capabilities, we bring big thinking and innovative ideas, along with a practical approach to help the world’s largest enterprises and biggest brands succeed. Traded on the Nasdaq Global Select Market, Perficient is a member of the Russell 2000 index and the S&P SmallCap 600 index. 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:
- 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.
- 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.
- 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.
- 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.
