Costaș, Negru & Asociații assisted the SMEDIX group, specialized in healthcare software engineering, in the acquisition process by the American giant PERFICIENT, a transaction publicly announced at the end of October 2023.
SMEDIX is an American company based in San Diego (California) and with offshore operations located in Cluj-Napoca. More than 150 employees work in the Cluj-Napoca branch of the SMEDIX company.
Among the services that SMEDIX provides to global customers are: software development, verification and validation services; bioinformatics services; remote diagnostic services; development services for customized medical software products; application software services for medical devices; medical data storage and access services; mobile health solutions services; comparative genomic services; bioinformatics pipeline development services, genomic analysis and data visualization services; healthcare operations management services and more.
In its last fiscal year, SMEDIX had revenues of approximately $12 million.
On the other hand, PERFICIENT is a global player in the digital consulting market based in St. Louis, Missouri, with shares traded on the Nasdaq Global Select Market and part of the Russell 2000 and S&P SmallCap 600 stock indexes. The company has approximately 7,500 employees and reported 2022 revenues of $905 million.
According to available public information, the acquisition process will be completed in January 2024. At its end, all 175 SMEDIX employees, mostly from the company’s Cluj-Napoca Branch, will join PERFICIENT. This acquisition, extremely important in the IT market, will expand the presence of PERFICIENT in Europe and will give this group the opportunity to provide services in the area of healthcare software engineering for both the United States of America and the European market.
The complex acquisition procedure included the development of a foreign direct investment authorization process in Romania, in accordance with Regulation (EU) 2019/452 establishing a framework for the examination of foreign direct investments in the Union, respectively with O.U.G. no. 46/2022.
The Costaș, Negru & Asociații team, coordinated by the coordinating associate – Dr. Cosmin Flavius Costaș, was part of a group of SMEDIX lawyers and consultants that included the California division of the law firm Curtis, Mallet-Prevost, Colt & Mosle LLP and the New York division of technology-focused investment bank IA Global Capital. The successful completion of the transaction represents an important point in the consolidation of the legal services offered within the Mergers, Acquisitions and Restructuring practice areas, respectively IT Services.
All the details regarding the areas of practice in which the law firm Costaș, Negru & Asociații can provide consultancy, assistance and legal representation can be found on the company’s website at https://www.costas-negru.ro.