Contact: Scott Denne
Perficient reaches for salesforce.com expertise for the second time in as many deals with the $21.5m purchase of CoreMatrix Systems. In addition to having a similar rationale as its last purchase, the transaction matches the typical profile of Perficient acquisitions.
CoreMatrix provides consulting on and implementation of cloud software, with a focus on software from salesforce.com. This is similar to Clear Task, which Perficient bought in May for $7.9m in a deal that valued the target at roughly 1x trailing 12-month revenue, the median multiple for Perficient’s acquisitions. The acquirer values CoreMatrix, with about $15m in annual sales, slightly above that level. Both transactions came with an earnout that could add about 50% to the deal value – $10m more for CoreMatrix and up to $3.7m more for Clear Task.
As we noted when we covered Perficient’s last salesforce.com-related acquisition , CRM made up only 6% of the company’s revenue in 2012 and because that category of software continues to attract budget, it’s no surprise that Perficient is angling for a bigger piece of that market. In a survey in July, 17% of IT managers were planning to increase their spending on CRM in the coming quarter, making it one of the few categories of IT where more respondents expected spending to go up, according to ChangeWave Research, a service of 451 Research.
For more real-time information on tech M&A, follow us on Twitter @451TechMnA.