Perficient will pay around $9.3m for San Francisco-based Bay Street, as part of a combined cash and stock deal that’s expected to close early next week. The transaction will be accretive to Perficient’s earnings in 2006.
Austin, Texas-based Proficient, which focuses on the mid-market, says the deal will increase the company’s annual revenue to around $120m and bring on board 50 consultants as well as over 525 global 2000 clients like ADP, BEA, Bayer, Nestle, and Philips.
Bay Street has around $8.6m in revenue and maintains 13 office locations dotted around the US and Canada. The company has a core competency in CRM, which Perficient will tap into to bolster its own practice in sectors like CPG, high-tech and manufacturing.
The combined company will employ 625 people. Bay Street’s CEO Tim Robinson will head up Perficient’s national CRM consulting unit, which will be headquartered in San Francisco.
Perficient is becoming somewhat of a mid-market consulting powerhouse in the US.
The company has continues to grow rapidly on the back of a string of acquisitions effected over the past couple of years. In 2004, the company acquired Genisys Consulting Inc, Meritage Technologies Inc, and ZettaWorks LLC. Last year it acquired Houston-based iPath Solutions Ltd and Vivare LP.
The company partners closely with IT firms like IBM Corp, Tibco Software Inc, Microsoft and EMC/Documentum Corp.
Perficient reported revenue up 65% in 2005 to $97m.
