Perficient Acquires Market Street Solutions

Ridgecrest Advisors’ Client Perficient Acquires Market Street Solutions

St. Louis – September 18, 2015 – 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 Market Street Solutions, Inc. (“Market Street”), a $10 million annual services and software revenue IT consulting firm specializing in the development, implementation, integration and support of big data, analytics and financial performance management solutions.

The acquisition is expected to be accretive to adjusted earnings per share immediately.

“We are excited to strengthen our analytics capabilities with this small yet strategic acquisition,” said Jeffrey Davis, Perficient’s chief executive officer and president. “Market Street’s reputation, customer-centric mentality, and solid client roster ensures a strong cultural fit and compelling opportunities for accelerated growth moving forward.”

The acquisition of Market Street:

  • Enhances and expands Perficient’s IBM analytics capabilities;
  • Increases Perficient’s geographic footprint, adding a U.S. market location in Tennessee and a strong southeastern U.S. presence;
  • Adds approximately 30 consulting, technology, sales and support professionals; and
  • Adds client relationships with enterprise customers including Cigna-Healthspring, Cracker Barrel, Diversicare Healthcare Services, Electric Power Board, LifePoint Health, North Highland, Pilot Travel Centers, Protective Life Insurance Corporation, TeamHealth and Varsity Brands.

Market Street’s Chief Executive Officer Jeff Wade joins Perficient in a key leadership role.

“Perficient is widely-regarded as one of the finest and most capable IBM business partners in North America,” said Wade. “We’re thrilled to join a firm with a reputation for excellence and a distinguished track record of delivering outstanding digital experience, business optimization and industry solutions to the world’s leading enterprises.”

Total consideration to be paid at closing will be approximately $5.3 million, consisting of approximately $4.1 million in cash and approximately $1.2 million in Perficient common stock (based on the average closing price of Perficient’s common stock on the NASDAQ Global Select Market for the 30 trading days immediately preceding the closing date per the terms of the purchase agreement). The purchase price is subject to a net working capital adjustment and earnings-based contingent consideration of up to approximately $1.2 million, payable in cash.

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 Market Street is a strategic enhancement of Perficient’s outstanding expertise and capabilities in the IBM analytics consulting arena,” said Grigg.

About Perficient
Perficient is a leading information technology and management consulting firm serving Global 2000 and enterprise customers throughout North America. Perficient delivers digital experience, business optimization and industry solutions that enable clients to improve productivity and competitiveness; strengthen relationships with customers, suppliers and partners; and reduce costs. Perficient’s professionals serve clients from locations across North America and offshore facilities in Europe, 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 Solution Provider and Gold Certified Partner, an Oracle Platinum Partner, and a Platinum Salesforce Cloud Alliance Partner. For more information, visit
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.