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Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2019
Business Combinations [Abstract]  
Schedule of Consideration Paid for Acquisitions
The following table summarizes the consideration transfered for the acquisitions described above (in thousands):
 
Adestra
 
Rant & Rave
 
RO Innovation
 
Interfax
Cash
$
55,242

 
$
58,470

 
$
12,469

 
$
35,000

Holdback (1)
4,432

 
6,500

 
1,781

 
5,000

Contingent consideration (2)
—

 
—

 
—

 
—

Working capital adjustment
—

 
(211
)
 
(87
)
 
—

Total consideration
$
59,674

 
$
64,759

 
$
14,163

 
$
40,000

(1)
Represents cash holdbacks subject to indemnifications claims that are payable 12 months from closing for Adestra, Rant & Rave and RO Innovation and 18 months from closing for Interfax.
(2)
Contingent consideration includes potential future earn-out payments related to the acquisition of RO Innovation for up to $7.5 million which was valued at $0.0 million as of the acquisition date based on the probability of attainment of future performance-based goals. Refer to Note 3 for further discussion regarding fair value of acquisition related earn-outs.
Summary of Pro Forma Statements of Operations
The table below shows the pro forma statements of operations data for the three months ended March 31, 2019 and three months ended March 31, 2018 (in thousands):
 
Three Months Ended March 31,
 
2019
 
2018
Revenue
$
48,493

 
$
37,490

Net loss (1)
$
(7,830
)
 
$
(3,178
)
(1) While some recurring adjustments impact the pro forma figures presented, the decrease in pro forma net loss compared to our net loss presented on the consolidated statements of operations for the three months ended March 31, 2019 and March 31, 2018 includes nonrecurring adjustments removing acquisition costs from 2018 and reflects these costs in the year ended 2017, the year the acquisition was assumed to be completed for pro forma purposes.
Schedule of Assets and Liabilities Assumed Through Acquisition
The following condensed table presents the preliminary and finalized acquisition-date fair value of the assets acquired and liabilities assumed for the acquisitions in 2018 and through the three months ended March 31, 2019, as well as assets and liabilities (in thousands):
 
Preliminary
 
Finalized
 
Adestra
 
Rant & Rave
 
RO Innovation
 
Interfax
Year Acquired
2018
 
2018
 
2018
 
2018
 
 
 
 
 
 
 
 
Cash
$
145

 
$
696

 
$
197

 
$
1,396

Accounts receivable
2,814

 
3,468

 
1,563

 
1,587

Other current assets
1,395

 
3,836

 
1,299

 
1,341

Property and equipment
796

 
131

 
15

 
286

Customer relationships
27,542

 
29,981

 
6,688

 
22,577

Trade name
710

 
1,099

 
111

 
649

Technology
6,001

 
6,565

 
1,670

 
5,236

Noncompetes
—

 
—

 
1,148

 
—

Goodwill
28,932

 
32,589

 
7,568

 
13,862

Other assets
—

 
—

 
—

 
14

Total assets acquired
68,335

 
78,365

 
20,259

 
46,948

Accounts payable
(543
)
 
(1,577
)
 
(229
)
 
(737
)
Accrued expense and other
(1,758
)
 
(6,114
)
 
(1,921
)
 
(2,847
)
Deferred tax liabilities
(5,104
)
 
(3,896
)
 
(2,129
)
 
(3,364
)
Deferred revenue
(1,256
)
 
(2,019
)
 
(1,817
)
 
—

Total liabilities assumed
(8,661
)
 
(13,606
)
 
(6,096
)
 
(6,948
)
Total consideration
$
59,674

 
$
64,759

 
$
14,163

 
$
40,000
Schedule of Weighted-average Amortization Period
The following table summarizes the weighted-average useful lives, by major finite-lived intangible asset class, for the above acquisitions (in years):
 
Useful Life
Customer relationships
9.8
Trade name
8.0
Developed technology
6.7
Non-Compete Agreements
3.0