2024-05-06 10:18:26 ET
Perficient Inc (NASDAQ: PRFT) is up a whopping 60% on Monday after EQT said it will buy the digital consultancy firm for about $3.0 billion.
Perficient stock rallies on EQT deal
The all-cash agreement values each share of $PRFT at $76.
Jeffrey Davis – chairman of the Nasdaq-listed firm is convinced the EQT deal delivers “compelling, certain cash value” to the shareholders.
Note that Tom Hogan will remain the chief executive of Perficient following the transaction that is expected to close before the start of 2025 as long as it satisfies the customary closing conditions including regulatory and shareholders’ approval.
Perficient stock that does not currently pay a dividend is trading at a year-to-date high at writing.
Perficient matches Street estimates in Q1
Perficient withdrew its guidance for the full year following the acquisition announcement on Monday.
For its fiscal first quarter, the company based out of St. Louis, Missouri reported $215.3 million in revenue – down 7.0% on a year-over-year basis while adjusted EPS printed at 77 cents a share (also down 26%).
Analysts, in comparison, were at $215.7 million and 77 cents per share, respectively. CEO Tom Hogan – the chief executive of $PRFT said in a press release today:
Our business is steadily improving and our pipeline remains robust. We remain confident that momentum will continue to build through 2024.
The post EQT is buying Perficient for $3.0 billion: find out more appeared first on Invezz
