Perficient, Inc. (NasdaqGS:PRFT) entered into a purchase agreement to acquire Smedix Inc. for $51.8 million on October 20, 2023. The total consideration paid at closing was approximately $37.4 million, comprised of (1) $33 million in cash and (2) $4.4 million in the Perficient's common stock (based on the average closing price of the Company?s common stock on the Nasdaq Global Select Market for the 15 trading days immediately preceding the closing date per the terms of the Stock Purchase Agreement). Of the total consideration, $5.9 million was placed in escrow as security for post-closing indemnification obligations of the sole shareholder of SMEDIX. The purchase price is subject to a net working capital adjustment and contingent consideration of up to $14.4 million payable in cash and contingent on the satisfaction of certain post-closing financial performance objectives of SMEDIX during the 12-month period immediately following closing. SMEDIX, Inc. reported an approximately $12 million revenue. SMEDIX President and CEO Fayez Sweiss will join Perficient in a key leadership role. The parties are targeting a closing in January 2024, subject to customary closing conditions and regulatory approval. IA Global Capital acted as financial advisor to Smedix Inc and Randy Grigg of Ridgecrest Advisors, LLC acted as financial advisor to Perficient, Inc.

Perficient, Inc. (NasdaqGS:PRFT) completed the acquisition of Smedix Inc. on January 16, 2024.