AUSTIN, Texas--(BUSINESS WIRE)—June 1, 2004--Perficient, Inc. (NASDAQ:PRFT - News), a leading eBusiness solutions provider in the central United States, today announced a new acquisition credit facility with Silicon Valley Bank. Funds drawn under the facility, which is subject to completion of legal documents, will be used to finance the cash portion of accretive acquisitions, pursuant to Perficient’s previously announced acquisition program. The new facility increases the total size of the company’s Silicon Valley Bank credit facility from $6 million to $10 million. Perficient currently has $0 drawn against its credit facility.
“The availability of this additional, well-priced capital will enable Perficient to aggressively execute against our target of becoming a $100 million IT services provider by the end of 2006,” said chairman and chief executive officer Jack McDonald.
"Perficient has demonstrated an ability to locate, execute and integrate accretive acquisitions and has articulated a sound strategy for becoming a leading e-business solutions provider in the central U.S.," said Stuart Edwards, senior vice president, Silicon Valley Bank. "We are pleased to make this additional capital available and expand the breadth of our partnership."
Perficient is a leading provider of eBusiness solutions in the central United States. Perficient helps companies acquire and strengthen their customer relationships, reduce their costs and empower their employees by helping them create Enabled Enterprises(TM), Web-based infrastructures with dynamically-integrated business applications that extend enterprise technology assets to customers, employees, suppliers and partners. Perficient is an award-winning "Premier Level" IBM business partner and a recognized expert in IBM's WebSphere® software. Perficient's other partners consist of leading eBusiness technology and services providers including Microsoft, Stellent, Bowstreet, Wily Technology, Tibco, Mainline, Digex, Fusion and others. For more information about Perficient, which has more than 210 professionals in the Central US and Canada, please visit http://www.perficient.com/. IBM and WebSphere are trademarks 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.
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.