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Subsequent event
9 Months Ended
Sep. 30, 2022
Subsequent event.  
Subsequent event

17. SUBSEQUENT EVENT

Acquisition of Wovenware Inc.

On November 1, 2022, the Company completed the acquisition of Wovenware Inc., (“Wovenware”) a privately held artificial intelligence and software development technology consulting firm, for total consideration of $33 million, a portion of which is contingent on certain operating metrics, that will be paid out over a period of five years. The fair value of the acquisition is estimated to be approximately $21 million due to the deferred consideration structure of the payments for the acquisition. Beginning in the fourth quarter of 2022, Wovenware’s results will be consolidated and reported within the results of the Company’s Earth Intelligence segment. The Wovenware acquisition is not material to the Company’s financial position or results of operations, and therefore, pro forma operating results and other disclosures for the acquisition are not presented.