Ridgecrest Advisors’ Client Perficient Acquires Brainjocks
SAINT LOUIS, MO (March 23, 2020) – 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, today announced the acquisition of Catalyst Networks, Inc., a Georgia corporation doing business as Brainjocks (“Brainjocks US”), a $13 million annual revenue digital consultancy with a strong Sitecore platform focus. Additionally, Perficient has signed a purchase agreement to acquire an affiliate of Brainjocks, Brainjocks Europe d.o.o. Novi Sad, a limited liability company incorporated under the laws of Serbia (“Brainjocks Europe” and collectively with Brainjocks US, “Brainjocks”), which will close following the satisfaction or waiver of certain conditions.
The acquisition is expected to be accretive to adjusted earnings per share immediately.
“We are excited to continue strengthening our Sitecore consulting and marketing technology capabilities with the strategic acquisition of Brainjocks,” said Jeffrey Davis, Perficient’s Chairman and CEO. “Perficient has more than 10 years of experience designing, building, and delivering enterprise-grade platforms powered by the Sitecore platform. Brainjocks’ expertise and capabilities are highly complementary to those of our award-winning Sitecore practice, and further enhance our ability to engineer effective and personalized digital experiences for our clients and their customers.”
The acquisition of Brainjocks:
- Broadens and deepens Perficient’s Sitecore capabilities, bringing strategic skills and expertise in web and content management platform development;
- Brings intellectual property that reduces solution buildout time and cost;
- Strengthens Perficient’s presence in the Atlanta market;
- Adds approximately 80 professionals, including 30 global delivery resources in Eastern Europe;
- Includes three colleagues designated as Sitecore MVPs, growing Perficient’s total to 15; and
- Brings strategic client relationships with Fortune 1000 customers across several industries, including consumer goods and services, manufacturing, and business services sectors.
Brainjocks President and CEO Brian Beckham joins Perficient in a key leadership role.
“Perficient is well known for its expertise across many technology platforms, including Sitecore, and we’re thrilled to join the team,” said Beckham. “With Perficient’s expansive expertise across platforms and industries, we’ll expand our ability to deliver integrated digital platforms that provide innovative enterprises more autonomy and flexibility in the experiences they imagine, create, engineer, and run for customers.”
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 Brainjocks and Perficient brings together firms with similar cultures and a shared focus on developing world-class digital platforms for clients,” said Grigg.
About Perficient
Perficient is the leading 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. Perficient is an award-winning Adobe Platinum Partner, Platinum Level IBM business partner, a Microsoft National Service Provider and Gold Certified Partner, an Oracle Platinum Partner, an Advanced Pivotal Ready Partner, a Gold Salesforce Consulting Partner, and a Sitecore Platinum 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:
- 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.
