History
Formation and early years
The company was founded in Austin, Texas, in August 1997 by Bryan Menell. The first angel investors in the company were Steve Papermaster and David Lundeen. The company secured its first channel partnership with Vignette, a provider of content management systems.
Jack McDonald, a software entrepreneur and former Skadden Arps lawyer, served as CEO of Perficient from 1999 to 2009 [1] and was the company’s chairman starting in 2001. [2]
Led by McDonald, [1] the company's held its initial public offering on July 29, 1999 and was issued at $8 per share, ending its first day of trading at $9.375 and closing at $11.75 by that Thursday. In December 1999, the company completed its first acquisition of LoreData based in New London, Connecticut. In May 2000, Perficient acquired Compete, Inc., an 80-person IBM-focused consulting firm, and its largest acquisition to date. In 2003, McDonald helped Perficient rebound during a recession by focusing on its relationship with IBM. [3] That year, revenues grew 38%, and the company was profitable for the first time. [3] In 2005, McDonald was recognized with an Ernst & Young Entrepreneur of the Year Award. [4] McDonald left the company in 2009. [1] During McDonald’s tenure, Perficient grew from nine to more than 1,000 employees; made 16 acquisitions; [1] opened offices in 22 locations across North America, India, and China; and achieved more than $200 million in annual revenue. [5]
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References
- ^ a b c d Hawkins, Lori (September 22, 2012). "Former Perficient CEO Jack McDonald to launch new software venture". Austin American-Statesman. Retrieved April 3, 2019.
-
^
"McDonald replaces Papermaster as Perficient's chairman". Austin Business Journal.
{{ cite news}}: Cite has empty unknown parameter:|1=( help) - ^
a
b Wright, Rob (March 9, 2004).
"Perficient Finds Itself Back In the Black". CRN. Retrieved April 3, 2019.
Then the bottom fell out as dot-coms imploded and the recession took hold. By early 2003, Perficient was in danger of being delisted by the Nasdaq. But rather than sell the business or fall victim to Chapter 11, Perficient chairman and CEO Jack McDonald buckled down and guided the solution provider to a more focused approach, strengthening its lucrative partnership with IBM Software Group and honing in on customers in the central United States, where competition was lighter and Perficient had more range... The adjustment worked. For the fourth quarter of 2003, Perficient increased revenue 34 percent to $7.5 million and posted a long-awaited profit. For the full year, the company grew sales 36 percent and saw net income of $1 million.
- ^ "Ernst & Young database of winners". Ernst & Young.
- ^ Perficient 10-K, Fiscal Year 2009, p. 17
History
Formation and early years
The company was founded in Austin, Texas, in August 1997 by Bryan Menell. The first angel investors in the company were Steve Papermaster and David Lundeen. The company secured its first channel partnership with Vignette, a provider of content management systems.
Jack McDonald, a software entrepreneur and former Skadden Arps lawyer, served as CEO of Perficient from 1999 to 2009 [1] and was the company’s chairman starting in 2001. [2]
Led by McDonald, [1] the company's held its initial public offering on July 29, 1999 and was issued at $8 per share, ending its first day of trading at $9.375 and closing at $11.75 by that Thursday. In December 1999, the company completed its first acquisition of LoreData based in New London, Connecticut. In May 2000, Perficient acquired Compete, Inc., an 80-person IBM-focused consulting firm, and its largest acquisition to date. In 2003, McDonald helped Perficient rebound during a recession by focusing on its relationship with IBM. [3] That year, revenues grew 38%, and the company was profitable for the first time. [3] In 2005, McDonald was recognized with an Ernst & Young Entrepreneur of the Year Award. [4] McDonald left the company in 2009. [1] During McDonald’s tenure, Perficient grew from nine to more than 1,000 employees; made 16 acquisitions; [1] opened offices in 22 locations across North America, India, and China; and achieved more than $200 million in annual revenue. [5]
....
References
- ^ a b c d Hawkins, Lori (September 22, 2012). "Former Perficient CEO Jack McDonald to launch new software venture". Austin American-Statesman. Retrieved April 3, 2019.
-
^
"McDonald replaces Papermaster as Perficient's chairman". Austin Business Journal.
{{ cite news}}: Cite has empty unknown parameter:|1=( help) - ^
a
b Wright, Rob (March 9, 2004).
"Perficient Finds Itself Back In the Black". CRN. Retrieved April 3, 2019.
Then the bottom fell out as dot-coms imploded and the recession took hold. By early 2003, Perficient was in danger of being delisted by the Nasdaq. But rather than sell the business or fall victim to Chapter 11, Perficient chairman and CEO Jack McDonald buckled down and guided the solution provider to a more focused approach, strengthening its lucrative partnership with IBM Software Group and honing in on customers in the central United States, where competition was lighter and Perficient had more range... The adjustment worked. For the fourth quarter of 2003, Perficient increased revenue 34 percent to $7.5 million and posted a long-awaited profit. For the full year, the company grew sales 36 percent and saw net income of $1 million.
- ^ "Ernst & Young database of winners". Ernst & Young.
- ^ Perficient 10-K, Fiscal Year 2009, p. 17