EQT Set to Buy Perficient ($PRFT) For About $3 Bln

Swedish private equity firm EQT is set to acquire US-based digital consultancy Perficient ( PRFT ) for an all-cash deal valued at around $3 billion. The deal, approved unanimously by Perficient's board, will pay $76 for each Perficient share ( PRFT ), representing a nearly 58% premium to Perficient's last close. Perficient's shares will no longer trade on the Nasdaq stock exchange after the deal closes. Perficient has operations in the US, Latin America, Europe, and India, and has built about 300 Fortune 1000 client relationships, including with Microsoft, Amazon, AWS, and Alphabet.

Perficient Inc (NASDAQ: PRFT) is up 60% on Monday after EQT announced its intention to buy the firm for about $3.0 billion. Perficient's stock is currently trading at a year-to-date high, and the company withdrew its guidance for the full year following the acquisition announcement. Perficient reported $215.3 million in revenue in its fiscal first quarter, down 7.0% on a year-over-year basis, and adjusted EPS at 77 cents a share. CEO Tom Hogan stated that Perficient's business is steadily improving and its pipeline remains robust, with confidence that momentum will continue to build through 2024.

Technical Outlook
Perficient Inc (NASDAQ: PRFT) has a Relative Strength Index (RSI) of 79.53 which appears to be largely overbought with the daily price chart depicting an upside gap. Gappers are patterns that appear in a chart as a result of a major event pertaining to an entity let's say a buyback news, earnings beat and quarterly reports.