Perficient (PRFT) Acquires Northridge Systems in $14.4M Cash, Stock Deal
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Perficient, Inc. (Nasdaq: PRFT), has acquired Atlanta-based Northridge Systems, Inc. (“Northridge”), a $12 million annual services revenue business and technology consulting firm focused on collaboration solutions, primarily leveraging the Microsoft SharePoint platform.
The transaction will increase Perficient’s current annualized revenues to approximately $350 million and is expected to be accretive to earnings per share immediately.
The consideration paid in the transaction is approximately $14.4 million and includes $10.6 million in cash and approximately $3.8 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).
Randy Grigg, managing partner of Ridgecrest Advisors, advised Perficient on the transaction in his capacity as a registered investment banking agent of Burch & Company, Inc.
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The transaction will increase Perficient’s current annualized revenues to approximately $350 million and is expected to be accretive to earnings per share immediately.
The consideration paid in the transaction is approximately $14.4 million and includes $10.6 million in cash and approximately $3.8 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).
Randy Grigg, managing partner of Ridgecrest Advisors, advised Perficient on the transaction in his capacity as a registered investment banking agent of Burch & Company, Inc.
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