Sikich LLP Investment Banking Division was the exclusive representative for eServ, LLC, a leading product engineering business process outsourcing (BPO) firm based in Peoria, Illinois, which was purchased by Perot Systems, a $2 billion technology and healthcare outsourcing company headquartered in Plano, Texas. Perot Systems purchased the firm for $21 million in cash with an additional $7 million, two-year earn-out as reported in the media.  James Richmond and Scott Miller, former owners of eServ, will remain with the new Perot Systems Company as Chief Executive Officer and Chief Operating Officer, respectively.

eServ is a product engineering services provider to Fortune 1000 manufacturing companies. The company employs more than 300 engineers in its three Illinois offices located in Peoria, Naperville, and Rock Island. Richmond and Miller will remain in the Peoria headquarters of eServ and are charged with growing eServ as the newest member of Perot Systems' family of business process outsourcing companies. 

Allen Gray, partner-in-charge of the Investment Banking division, led the Sikich team which assisted the owners throughout the entire selling process from developing and implementing a strategy to enhance eServ's value to buyers through the transaction negotiations. "The sale of eServ to Perot Systems demonstrates again how target strategic buyers outside the industry frequently pay the highest prices for a company. In this confidential, controlled auction, eServ received nine bids in total from Asia, Europe, and the U.S. prior to the buyer visit. The highest bids came from companies in Asia and the U.S. not in the engineering space," Gray said.

Two of the nine initial bids offered to purchase 40% of the firm; four others offered to acquire majority control; and the balance offered to buy 100%.

"In the end, the eServ owners accepted the offer from Perot Systems to purchase 100% of the firm because of the similar entrepreneurial cultures of the two organizations and the opportunities afforded them to aggressively grow the firm as a part of Perot Systems with considerable independence," according to Gray. "From the perspective of Perot Systems, they gain the opportunity of entering a growing new BPO space and a number of cross-selling opportunities."

 
 About Sikich LLP

Sikich LLP is a multi-discipline professional services firm providing public accounting and tax services, operations and management consulting, entrepreneurial services, information technology products and services, investment banking, human resources outsourcing, marketing services, and asset management. With more than 200 employees and seven offices in
Illinois, Indiana, and Missouri, Sikich serves individuals, privately-held middle market companies, and governmental and not-for-profit organizations throughout the Midwest. Visit www.sikich.com to learn more.