Evan Vitale Consulting: Perficient acquires Tennessee IT consulting firm

Saturday, September 19, 2015

Perficient acquires Tennessee IT consulting firm – STLtoday.com

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Perficient announced Friday it has acquired Market Street Solutions Inc., an information technology consulting firm based in Chattanooga, Tenn.

Perficient, a IT consulting firm based in Town and Country, said it will pay $4.1 million in cash and about $1.2 million in Perficient common stock. The purchase price is subject to net working capital adjustments and a earnings-based contingent of up to approximately $1.2 million in cash, the company said in a statement.

Market Street, with $10 million in annual revenue, specializes in services and software for data analysis and finance performance management.

“We are excited to strengthen our analytics capabilities with this small yet strategic acquisition,” Perficient’s Chief Executive and President Jeffrey Davis said in a press release. “Market Street’s reputation, customer-centric mentality, and solid client roster ensures a strong cultural fit and compelling opportunities for accelerated growth moving forward.”

Perficient said the deal will gives it client relations with such companies as Cigna-Healthspring and Cracker Barrel.

“Perficient is widely-regarded as one of the finest and most capable IBM business partners in North America,” Market Street’s Chief Executive Jeff Wade said in a press release. “We’re thrilled to join a firm with a reputation for excellence and a distinguished track record of delivering outstanding digital experience, business optimization and industry solutions to the world’s leading enterprises.”

Perficient reported $457 million in revenue last year.

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