Ridgecrest Advisors’ Client Perficient Acquires PSL
SAINT LOUIS, MO (June 17, 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 Productora de Software S.A.S. (“PSL”), a $33 million annual revenue nearshore software development company, based in Medellin, Colombia, with additional locations in Bogota and Cali, Colombia.
The acquisition is expected to be accretive to adjusted earnings per share immediately.
“We are excited to strengthen our global delivery capabilities with the strategic acquisition of nearshore software development firm PSL,” said Jeffrey Davis, Perficient’s Chairman and CEO. “The need for our clients to adapt and innovate rapidly has never been more critical, especially in today’s unprecedented environment. PSL brings the highest quality custom application and software development services from its centers in Colombia. We’re thrilled to add their nearshore software development expertise to further enhance our existing global capabilities and help our clients accelerate innovation and speed time to market.”
The acquisition of PSL:
- Strengthens Perficient’s global delivery capabilities, enhancing its nearshore systems and custom software application development, testing, and ongoing support for customers, ensuring they have the right people in the right place at the right time;
- Expands Perficient’s presence into Latin America, adding nearshore software development locations in Medellin, Bogota, and Cali, Colombia;
- Adds more than 600 skilled professionals; and
- Brings strategic client relationships with Fortune 1000 customers across several industries, including healthcare, financial services, technology, and business services sectors.
PSL CEO Jorge Aramburo joins Perficient in a key leadership role.
“Perficient is well known for its global delivery expertise across a wide range of technology platforms, and is a trusted leader in providing end-to-end digital solutions to the world’s leading enterprises,” said Aramburo. “PSL’s certified and experienced project teams have been dedicated to delivering excellence for our clients, providing the necessary resources and skillsets to scale their projects quickly. Perficient and PSL share similar values, guiding principles and employee cultures, which makes this alliance the perfect next step toward amplifying PSL´s purpose of helping our clients, employees and communities improve through technology. Additionally, it strengthens our ability to deliver software development services that help clients meet rising customer demands and transform their businesses to drive growth.”
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 PSL is the successful culmination an extensive search for a high quality nearshore software development consultancy with a similar culture,” 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, a VMware Authorized 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.
