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Perficient announced it has acquired BioPharm Systems, Inc.
Perficient, Inc. (NASDAQ: PRFT) (“Perficient”), a leading information technology consulting firm serving Global 2000 and other large enterprise customers throughout North America, today announced it has acquired BioPharm Systems, Inc. ("BioPharm Systems"), a $15 million annual services revenue business and information technology consulting firm focused on the life sciences industry.
Perficient’s annualized revenues are now approaching $450 million, and the transaction is expected to be accretive to adjusted earnings per share immediately.
“We’re excited to add to our industry capabilities with the acquisition of a reputable and growing life sciences consulting firm,” said Jeffrey Davis, Perficient’s chief executive officer and president. “With the addition of BioPharm Systems, Perficient has strengthened our ability to create even more powerful management and IT consulting solutions for our healthcare and life sciences customers. Furthermore, BioPharm Systems brings impressive bill rates and margins, important intellectual property assets and a proven track record of growth, profitability and client satisfaction.”
“BioPharm Systems’ outstanding reputation and expertise within the life sciences industry further positions Perficient as a leading solution provider for healthcare and life sciences enterprises across North America,” said David Hastoglis, Perficient vice president of industry verticals. “Their comprehensive information management solutions and deep business consulting expertise enable companies to improve the productivity, safety and effectiveness of their clinical trials.”
The acquisition of BioPharm Systems:
BioPharm Systems President and Chief Executive Officer Alex Sefanov joins Perficient in a key leadership role.
“Perficient is well known for its consulting expertise across many technology platforms and many industries,” said Sefanov. “We’re thrilled to join the Perficient team, combining our life sciences industry knowledge and experience to deliver high-value solutions to healthcare and life sciences organizations.”
The closing consideration paid in the transaction is approximately $17.6 million and includes approximately $11.4 million in cash and approximately $6.2 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 30 trading days immediately preceding the acquisition close per the terms of the acquisition agreements). This amount is subject to change based on net working capital adjustments determined in the months following the closing date.
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.