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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 16 – SUBSEQUENT EVENTS

 

The Company settled $3.3 million of contingent consideration relating to the AltaVista acquisition subsequent to December 31, 2021. The $3.3 million was comprised of an $1.2 million cash payment on January 18, 2022 and 186,368 shares of Class B common stock issued on February 22, 2022. This was recorded within the other current liabilities line item within the Consolidated Balance Sheet as of December 31, 2021.

 

On January 3, 2022, the Company remitted $4.1 million to the Internal Revenue Service relating to the employer portion of Social Security taxes that were eligible for deferral under the CARES Act (refer to Note 14 “COVID-19 Pandemic”). This amount was recorded in the other current liabilities line item within the Consolidated Balance Sheet as of December 31, 2021.

 

On March 11, 2022, the Company acquired TranSmart Technologies, Inc. (“TranSmart”) for initial purchase price of $24.5 million which was paid in a combination of cash and shares of our Class A common stock. TransSmart specializes in Intelligent Transportation Systems (ITS) and engineering for transportation agencies and customers throughout the Midwest. TranSmart was founded in 1986 and is headquartered in Chicago, Illinois employs approximately 100 employees specializing in ITS, engineering, design and construction/program management services. Total consideration may also be increased or decreased based on results in future years. Final value will be subject to the resolution of certain contingencies.