Perficient Acquires Clear Task

Ridgecrest Advisors’ Client Perficient Acquires Clear Task
Acquisition Adds Consulting Expertise to Perficient Portfolio

St. Louis – May 17, 2013 – Ridgecrest Advisors announced today that its client, Perficient, Inc. (NASDAQ: PRFT), a leading information technology consulting firm serving Global 2000 and other large enterprise customers throughout North America, has acquired San Francisco-based Clear Task, Inc. (“Clear Task”), an $8 million annual services revenue consulting firm focused entirely on the product suite.

Perficient’s current annualized revenues are now approaching $380 million, and the transaction is expected to be accretive to adjusted earnings per share immediately. With the acquisition, the company is raising its full year 2013 revenue guidance to a range of $362 million to $382 million from the previously provided range of $358 million to $378 million.

“For quite some time we’ve been working to find the right Salesforce consulting team to add to Perficient,” said Jeffrey Davis, Perficient’s chief executive officer and president. “In Clear Task, we’ve found a firm with an excellent reputation, and one that is well-run with impressive bill rates and margins. This transaction represents a key strategic investment we’re making to expand our cloud offerings.”

“Clear Task has helped more than 300 companies experience the power of Salesforce to better serve their customers, manage and motivate their employees, and engage with their partners and communities,” said Kathy Henely, Perficient chief operating officer. “Through hundreds of Service Cloud, Sales Cloud, Chatter and engagements, Clear Task has helped enterprise clients become more responsive, efficient, relevant and social.”

The acquisition of Clear Task:

  • Expands Perficient’s cloud capabilities to include offerings from each of the world’s leading cloud computing providers – IBM, Microsoft, Oracle and;
  • Increases Perficient’s West Coast market presence, adding an office in San Francisco;
  • Adds nearly 50 consulting, technology, sales and support professionals; and
  • Adds client relationships with several Fortune 500 and Global 2000 enterprises including customers in the high-tech, clean energy and gaming industries.

Clear Task CEO Andrew O’Driscoll and Vice President of Sales and Services Marc LeCours join Perficient in key leadership roles.

“For seven years, Clear Task has been 100 percent focused on Salesforce implementations and customizations,” said O’Driscoll. “We’re proud to be a Gold Cloud Alliance Partner and thrilled to join Perficient, one of the most capable and highly-regarded systems integrators in the country.”

The consideration paid in the transaction is approximately $7.9 million and includes $6.3 million in cash and approximately $1.6 million worth of Perficient common stock (based on the average closing price of Perficient’s common stock on the NASDAQ Global Select Market for the thirty trading days immediately preceding the acquisition close per the terms of the acquisition agreement).  Additional consideration of up to $3.7 million is subject to certain financial achievements and working capital provisions.

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.  “Clear Task is a very well-respected consultancy in the Salesforce marketplace and its comprehensive platform expertise is a perfect fit for Perficient,” said Grigg.

About Perficient

Perficient is a leading information technology consulting firm serving Global 2000 and enterprise customers throughout North America. Perficient’s professionals serve clients from a network of offices across North America and three offshore locations, in Eastern Europe, India, and China. Perficient helps clients use Internet-based technologies to improve productivity and competitiveness, strengthen relationships with customers, suppliers and partners, and reduce information technology costs. Perficient, traded on the Nasdaq Global Select Market, 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 TeamTIBCO partner, a Microsoft National Systems Integrator and Gold Certified Partner, an EMC Select Services Team Partner, and an Oracle Platinum Partner. 

About Clear Task, Inc.

Recognized as one of the 50 fastest growing businesses in San Francisco, Clear Task, Inc. provides Salesforce implementations and customizations for enterprise customers. Clear Task’s professionals help clients implement Service Cloud, Sales Cloud, Chatter and platform engagement solutions to strengthen customer, employee and partner relationships, and maintain their competitive advantage. Clear Task is a Gold Cloud Alliance Partner. Each member of the Clear Task team holds one or more Salesforce certifications, and the company boasts a Certified Technical Architect on staff, one of only 50 in the world.

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.