Solution provider Perficient acquired TriTek Solutions in a move that will expand its service capabilities in content management and business process management in the IBM market.
The acquisition of Boston-based TriTek will increase Perficient's market presence in the Boston-New York-Washington, D.C., corridor and boost Perficient's annual revenue to approximately $360 million, the company said.
TriTek is an IBM Premier partner and the company's content management and business process management consulting services are focused on IBM's FileNet technology. IBM acquired FileNet in October 2006 for $1.6 billion.
St. Louis-based Perficient is an IBM Premier partner as well and provides a broad range of IT and system integration services, particularly to large companies. Perficient and TriTek also both partner with EMC and Pegasystems. Perficient, No. 82 on the CRN Solution Provider 500 ranking, also partners with Microsoft, Oracle and Tibco, among others.
The TriTek acquisition "brings meaningful services expertise, impressive bill rates and margins, important intellectual property assets and a proven track record of growth, profitability and client satisfaction," said Jeffrey Davis, Perficient president and CEO, in a statement.
Perficient paid approximately $18.5 million for TriTek, including $13.2 million in cash and approximately $5.3 million in Perficient common stock, according to the company. TriTek generated $19 million in services revenue in 2012, according to the company.
"We expect this development will positively impact Perficient's financial services practice, given TriTek's critical mass in the Northeastern U.S. and strong financial services industry client roster," said John Jenkins, Perficient's vice president of IBM operations, in a statement. TriTek also has a significant presence in the insurance industry.
The acquisition adds approximately 120 consulting, technology, sales and support professionals to Perficient's staff. TriTek's co-founders will join Perficient's management ranks, including co-founder and CEO Jack Finnegan, who joins as a general manager reporting to Jenkins. TriTek co-founders Peter Gretz and Chris Leach join as directors.
PUBLISHED MAY 6, 2013