Perficient To Buy Zeon Solutions

(RTTNews) - Perficient, Inc. (PRFT) said Thursday that it has entered into a purchase agreement to acquire the assets of Zeon Solutions Inc. and its subsidiary, Grand River Interactive LLC, and an Indian affiliate, a $23 million annual services revenue business and IT consulting firm specializing in the development, implementation, integration and support of e-commerce solutions.

Perficient's current annualized revenues are now approaching $500 million, and the acquisition is expected to be accretive to adjusted earnings per share.

Zeon Solutions Chief Executive Officer Rupesh Agrawal will join Perficient in a key leadership role.

Total consideration to be paid at closing will be about $35.7 million, consisting of about $22.3 million in cash and about $13.4 million in 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 closing date per the terms of the purchase agreement. The purchase price is subject to a net working capital adjustment and earnings-based contingent consideration of up to about $2.8 million, payable in cash and Perficient common stock.

The deal is expected to close in early January 2015.