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Perficient Lands $7.9M in New Financing

AUSTIN, TX – January 7, 2002 - Perficient, Inc. (NASDAQ: PRFT) a leading eBusiness solutions provider to Global 3000 companies announced today that it completed $7.9 million in new equity and debt financing. The financing included a $1.9 million private placement of preferred stock to a limited group of investors led by an affiliate of Watershed Capital of Austin, Texas and WWC Capital of Reston, Virginia, and a new $6.0 million working capital debt facility with Silicon Valley Bank, a wholly owned subsidiary of Silicon Valley Bancshares (NASDAQ: SIVB).

Perficient intends to use the proceeds from the financing to further accelerate its previously announced acquisition program, strengthen its working capital position and for other corporate purposes.

"Our recently announced acquisitions of Javelin Solutions and Vertecon will enable us to enter 2002 strong and well-positioned, with combined 2001 sales in excess of $35 million, more than 225 staff in North America and Europe and over 250 Global 3000 client relationships,"” said Jack McDonald, chairman and chief executive officer of Perficient. "This new financing is a validation of our success in a difficult market environment and it provides the fuel to continue our focused plan to build the dominant eBusiness solutions provider in the Midwestern and Southwestern US.’’

“"Perficient has proven itself a survivor in the eBusiness solutions sector, and is positioned to assume an industry leadership role in 2002,”" said David Lundeen, Managing Partner of Watershed Capital and a member of Perficient'’s board of directors. “"We look forward to working with Perficient to help make that happen.”"

“"We are pleased to support Perficient in its growth strategy. The market opportunity for the company’s solutions is solid, and we are very impressed with its management team and track record,”" said Justin Metcalf, Vice President, Silicon Valley Bank.

A substantial portion of the proceeds of the private placement will remain in escrow pending completion of, among other things, the recently announced acquisitions of Javelin Solutions and Vertecon, which are expected to be completed in the first quarter of 2002. Perficient issued 1.9 million shares of Series A Convertible Preferred Stock - convertible into 1.9 million shares of Common Stock and warrants to purchase, for $2.00 per share, up to 950 thousand shares of common stock. The investors will have registration rights and the right to designate a director to the Perficient Board along with certain other rights. The credit facility is asset based and availability, which is currently lower than $6 million, is dependent upon Perficient’'s available asset base.

About Perficient

Perficient, a leading eBusiness solutions provider to Global 3000 companies, enables its clients and partners to optimize profitability and strengthen customer relationships through reliable, quick-to-market eBusiness solutions. Perficient, on a combined basis, employs more than 225 professionals in five offices in the United States, Canada and Europe. Perficient’s partners are leading eBusiness technology and services providers including IBM, Sun, Microsoft, Oracle, Digex, Vignette, Gauss, Stellent, Autonomy and Interwoven. For more information, visit Perficient’s Web site at

About Watershed Capital

Watershed Capital is a private equity firm that builds extraordinary value through active participation in technology enabled businesses. Watershed’'s partners bring a broad mix of proven real-world financial, entrepreneurial and operating experiences to our investments. The company conducts business through its principal office in Austin. Watershed currently has $50 million under management.

About WWC Capital

WWC Capital Fund is a Reston, VA based private equity fund that seeks to create value by investing in technology driven businesses. WWC’'s principals bring a combination of operational, financial and transactional experiences to its investments, particularly in the enterprise software, wireless, IT services, and Internet areas. WWC Capital Fund is affiliated with WWC Capital Group, LLC, a technology investment banking firm that acts as a financial advisor to middle market technology firms. Current portfolio companies include AWS Convergence Technologies, Inc., the creator of the “Weather Bug.”

About Silicon Valley Bank

Silicon Valley Bank serves emerging growth and middle market companies in targeted niches, focusing on technology and life sciences, while also addressing other specific industries in which it can provide a higher level of service and better manage credit through specialization and focus. The Bank operates throughout the Silicon Valley: Fremont, Santa Clara, Palo Alto and Sand Hill, the center of the venture capital community in California. Other regional offices within California include: Irvine, Los Angeles, Napa Valley, San Diego, San Francisco, Santa Barbara, and Sonoma. Office locations outside of California include: Phoenix, Arizona; Boulder, Colorado; West Palm Beach, Florida; Atlanta, Georgia; Chicago, Illinois; Boston, Massachusetts; Minneapolis, Minnesota; New York, New York; Durham, North Carolina; Portland, Oregon; Philadelphia, Pennsylvania; Austin, Texas; Dallas, Texas; Northern Virginia; and Seattle, Washington. More information on the Bank can be found at

Safe Harbor Statement

“Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements, particularly with respect to our ability to complete and successfully integrate the Javelin Solutions, Inc. and Vertecon, Inc. acquisitions and other acquisitions, the expectation that the proposed transaction is expected to be accretive to earnings, the combined annual sales of the companies and the size, strength and effectiveness of the combined companies, 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 and other risks detailed from time to time in the company’s filings with Securities and Exchange Commission. Our reported results may be subject to adjustments, reserves, and other items that may be identified during the normal year-end audit process. This release does not constitute an offer to sell any securities of the Company.