AUSTIN, Texas - May 13, 2005 - Perficient, Inc. (NASDAQ: PRFT), a leading information technology consulting firm in the central United States, today announced that it has executed a binding financing commitment letter from Silicon Valley Bank and KeyBanc Capital Markets for a $28.5 million senior debt facility to be used primarily for acquisitions. On May 3, 2005, Perficient announced that it had executed a financing commitment letter with Comerica Bank for a new debt facility. Perficient has decided not to proceed with the Comerica Bank facility and has chosen to proceed with the Silicon Valley Bank and Key Bank facility, because Perficient believes the Silicon Valley Bank and Key Bank facility offers greater available credit, lower cost of capital and more favorable financial covenants. This new credit facility is subject to completion of definitive documentation.
“Perficient’s six-year track record of strong organic growth and accretive acquisitions is unmatched in the IT consulting industry,” said Doug Mangum, Southwest Division Manager of Silicon Valley Bank. “We have been Perficient’s banking partner since its startup and have seen first-hand that they deliver results. We are pleased to extend our partnership into a new and exciting phase of growth.”
"We are delighted to be partnering with Silicon Valley Bank on this important financing for the company. Jack McDonald and his team have built an outstanding company, and we look forward to developing a long-term relationship with Perficient,” said Mark Sunderland, Director, Technology Group, KeyBanc Capital Markets. “We recognize the value of our long-term relationship with Silicon Valley Bank as well as the substantial market resources of KeyBanc Capital Markets,” said Jack McDonald, Perficient’s chairman and chief executive officer. “This new credit facility further strengthens our ability to execute our acquisitions plan and continue our solid track record of profitable growth.”
About Perficient
Perficient is a leading information technology consulting firm serving Global 2000 and midsize companies in the central United States. Perficient helps clients gain competitive advantage by using Internet-based technologies to make their businesses more responsive to market opportunities and threats, strengthen relationships with customers, suppliers and partners, improve productivity and reduce information technology costs. Our solutions enable our clients to operate a real-time enterprise that dynamically adapts business processes and the systems that support them to the changing demands of an increasingly global, Internet-driven and competitive marketplace. Perficient is an award-winning "Premier Level" IBM business partner, a TeamTIBCO partner and a Microsoft Gold Certified Partner. For more information about Perficient, which has more than 470 professionals in the central United States and Canada, please visit www.perficient.com. IBM is a trademark of International Business Machines Corporation in the United States, other countries, or both.
About Silicon Valley Bank
Silicon Valley Bank provides diversified financial services to emerging growth and mature companies in the technology, life sciences and private equity markets, as well as the premium wine industry. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients' success. Founded in 1983 and headquartered in Santa Clara, Calif., the company has served more than 9,500 clients across the country through 26 regional offices. More information on the company can be found at www.svb.com.
About KeyBanc Capital Markets
KeyBanc Capital Markets delivers innovative, comprehensive financing and advisory solutions to mid-cap companies by providing them with banking professionals that have deep industry knowledge and market expertise. KeyBanc Capital Markets is a trade name used by the integrated corporate and investment banking business division of McDonald Investments Inc., member NASD/NYSE/SIPC, which is a unit of Cleveland-based KeyCorp. KeyCorp is one of the nation's largest bank-based financial services companies with assets of approximately $90 billion. KeyCorp provides financial services to individuals and companies throughout the United States and, for certain businesses, internationally.
Safe Harbor Statement
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive services, demand for services like those provided by the Company and market acceptance risks, fluctuations in operating results, cyclical market pressures on the technology industry, the ability to manage strains associated with the Company's growth, credit risks associated with the Company's accounts receivable, the Company's ability to continue to attract and retain high quality employees, accurately set fees for and timely complete its current and future client projects, and other risks detailed from time to time in the Company's filings with Securities and Exchange Commission, including the most recent Form 10-KSB and Form 10-QSB.