Bloomberg 30-APR-2024 reports “Tech Consultancy Perficient to Weigh Potential Sale”
Looks to go private or get bought out.
Expect lots of cost headcount cuts if private equity buys Perficient.
Good for executives and bad for everyday employees.
A telling sign is that there haven’t been any small acquisitions in the last year, only adding more people in low cost offshore.
Perficient sent out to all shareholders a long document outlining the proposed buyout. Included in the buyout was a date by date history of the different rounds of shopping for a buyout. This is in the SEC filings for the company.
Perficient management had been shopping for a buyout for months or years before the EQT buyout was announced.
The buyout announcement doubled the stock price immediately and also when the buyout closed 5 months later, restricted stock was converted to cash at a large premium to the before announcement price.
Perficient announced it is getting bought out by private equity EQT.
Stock is up 50% so those with large stock grants are much wealthier.
Private equity in other companies lays off most back office staff, hr, finance, admin, consolidates business units via layoffs…
It’s great news for executives.
EQT apparently is gullible enough to buy this place.
If this original post isn't clickbait idk what is. Obviously from someone in "leadership" or HR seeing what kind of response they get. The elephant in the room... who'd want to buy this company?
But but but “we’re a People First” organization!
Laughable