Acquisitions

6 Months Ended

Jun. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

The Company did not acquire any businesses during the three and six months ended June 30, 2022.

Tock, Inc.

On March 31, 2021 (the "Tock Acquisition Date"), the Company acquired all of the equity interests in Tock, a reservation platform for prepaid reservations, access to restaurant management data, and other customization features. The purpose of the acquisition was to expand the Company’s complementary suite of services available with a platform for reservations, take-out, delivery and events for the hospitality industry. The total consideration for the transaction was $425,710, consisting of $226,821 of cash, $188,179 of the Company’s Class C common stock, and $10,710 of net working capital adjustments. The Company recognized this transaction as a business combination.

The Company has finalized the purchase accounting, including the identification and allocation of consideration to assets acquired, and the purchase price allocation as of March 31, 2022. Goodwill associated with the acquisition of Tock is not amortizable for tax purposes.

The following table sets forth the allocation of the purchase price to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed, with the excess recorded to goodwill:

	Tock
Net tangible assets acquired	$	13,004
Deferred income tax liability	(724)
Customer relationships – restaurants	37,000
Customer relationships – enterprise	16,000
Tradename	5,000
Developed technology	3,000
Net assets acquired	73,280
Consideration	425,710
Goodwill	$	352,430

	Amount
Consideration transferred	$	425,710
Less: Issuances of Class C common stock	(188,179)
Less: Cash acquired	(18,350)
Less: Restricted cash	(17,011)
Add: Working capital to be paid to Squarespace, Inc. as of June 30, 2021	345
Cash paid for acquisitions, net of acquired cash	$	202,515