Acquisitions and Equity Investments (Tables)

9 Months Ended

Sep. 30, 2025

Business Combination [Abstract]

Summary of Purchase Price Allocation

The following table sets forth the components and the allocation of the purchase price for the business combination and summarizes the fair values of the assets acquired and liabilities assumed at the Acquisition Date and the purchase price adjustments recorded:

	Preliminary			Purchase Price Adjustments			Adjusted
Previously held interests in RFQ-hub:
Carrying value of previously held interest	$	34,878		$	—		$	34,878
Fair value of previously held interest on Acquisition Date		34,321			(455	)		33,866
Loss on remeasurement of previously held interest		(557	)		(455	)		(1,012	)
Purchase price allocation:
Cash consideration at closing	$	38,069		$	—		$	38,069
Fair value of previously held interest on Acquisition Date		34,321			(455	)		33,866
Fair value of remaining noncontrolling interests on Acquisition Date		13,755			(3,390	)		10,365
Total purchase price		86,145			(3,845	)		82,300
Acquired cash		(1,554	)		—			(1,554	)
Purchase price, net of acquired cash		84,591			(3,845	)		80,746
Intangible assets		(30,300	)		100			(30,200	)
Accounts receivable		(4,333	)		—			(4,333	)
Prepaid expenses and other assets		(2,466	)		1,392			(1,074	)
Accounts payable, accrued expenses and other liabilities		1,822			—			1,822
Goodwill	$	49,314		$	(2,353	)	$	46,961

RFQ-hub’s assets and liabilities were measured at estimated fair values on the Acquisition Date. Estimates of fair value represent management’s best estimate and require significant judgment about future events and uncertainties. Third-party valuation specialists were engaged to assist in the valuation of these assets and liabilities. The redeemable noncontrolling interests were valued using an option pricing model.

Summary of Fair Value of Acquired Intangible Assets

The acquired developed technology and customer relationships intangible assets were valued using the relief-from-royalty method and multi-period excess earnings method, respectively. The fair values of the intangible assets acquired are as follows:

	Costs (in thousands)		Useful Lives
Developed technology	$	16,900	5 years
Customer relationships		12,600	15 years
Tradename - finite life		700	10 years
Total	$	30,200

Summary of the Changes in Redeemable Noncontrolling Interest

The following table is a summary of the changes in redeemable noncontrolling interest for the nine months ended September 30, 2025:

	(In thousands)
Balance at December 31, 2024	$	—
Redeemable noncontrolling interests assumed through the 2025 RFQ-hub Acquisition		10,365
Net income attributable to noncontrolling interests		128
Issuance of noncontrolling interests		1,240
Balance at September 30, 2025	$	11,733