Perficient, Inc. (NASDAQ: PRFT) finds itself amidst a striking uptick of 53.71% in its shares during early trading, propelling its valuation to $73.95 as of the last check. This notable surge in PRFT’s stock value is intricately tethered to the disclosure of its latest financial performance and merger prospects.
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Perficient (PRFT) reported $215.3 million in sales, a 7% decrease from the previous quarter. Simultaneously, net income saw a 57% decline, culminating in $11.6 million, while fully diluted GAAP profits per share declined by 56% to $0.33.
However, the company’s steady improvements and strong pipeline should keep the momentum going until 2024. Furthermore, Perficient (PRFT) declared its entry into a definitive agreement for acquisition by an affiliate of BPEA Private Equity Fund VIII (“EQT Asia”), a constituent of EQT AB, a mission-oriented global investment entity, in an all-cash transaction valuing Perficient at an enterprise value of approximately $3.0 billion.
According to the terms outlined in the agreement, Perficient stockholders will receive $76.00 per share in cash for each common stock held at the transaction’s closure. This purchase price marks a 75% premium over Perficient’s closing stock price on April 29, 2024, the day preceding the transaction announcement, and a 51% premium over the Company’s 30-day volume-weighted average share price, ending on April 29, 2024.
The announcement culminates from an exhaustive evaluation by the Board aimed at maximizing value for the company and its shareholders. Perficient remains steadfast in delivering visionary insights and inventive solutions, coupled with a pragmatic approach to foster the success of leading enterprises and prominent brands worldwide.
Through this partnership with EQT, Perficient intends to furnish its shareholders with a compelling, assured cash value for their holdings while steadfastly aiding clients in surpassing expectations, outstripping competition, and expanding their enterprises.
Renowned for its unparalleled end-to-end digital consultancy capabilities and global delivery prowess, Perficient has, in recent years, expanded the breadth of its offerings with remarkable success, and further growth prospects are eagerly anticipated. EQT is poised to leverage the merger to fortify Perficient’s distinct market position.
