Ridgecrest Advisors’ Client Perficient Acquires Overactive
SAINT LOUIS, MO (October 15, 2021) – 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 acquired Izmul S.A. and its subsidiaries (collectively, “Overactive”), an approximately $40 million annual revenue nearshore software development firm based in Montevideo, Uruguay.
The acquisition is not reflected in existing 2021 revenue or earnings guidance and is expected to be accretive to adjusted earnings per share immediately.
“We’re excited to continue to strengthen our nearshore delivery capacity, enhance our digital capabilities, and further expand across Latin America with the strategic acquisition of Overactive,” said Jeffrey Davis, Perficient’s Chairman and CEO. “Our multi-shore, fully-integrated, global delivery approach continues to be a key driver of growth, and a compelling differentiator in the market. With the addition of Overactive, we now have more software and digital development talent offshore than onshore. Our global talent, coupled with our strong U.S. presence, enables our clients to scale quickly, innovate rapidly and reduce costs to better meet rising customer demands, transform their business, and outpace the competition.”
The acquisition of Overactive:
- Strengthens Perficient’s nearshore delivery capabilities and capacity with enhanced custom software application design, development, testing and support for customers, accelerating innovation and time to market;
- Expands Perficient’s presence in Latin America, adding nearshore software development locations in Colombia, Argentina, Uruguay, and Chile;
- Adds nearly 700 skilled software development professionals; and
- Brings strategic client relationships with Fortune 1000 customers across several industries, including financial services, healthcare, technology, and business services sectors.
Overactive CEO Nicolás Chiappara joins Perficient in a key leadership role.
“Perficient is well known for its impressive global growth and strategic nearshore delivery expertise across a wide range of technology platforms,” said Chiappara. “For more than 13 years, Overactive’s experienced project teams have been dedicated to delivering excellence for our clients, and we’re excited to join forces with Perficient – a trusted leader in providing end-to-end digital solutions to the world’s leading enterprises. Together, we’re bolstering our software development services while supporting the organization’s expanding dominance in Latin America and beyond.”
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 Overactive and its nearshore software development expertise is an exciting addition to Perficient’s portfolio of service offerings,” 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.
