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Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In July 2024, the Company completed the Tender Offer for outstanding shares of Brand 24 and purchased 135,500 incremental shares for an aggregate cost of $3.7 million paid using cash on hand. The Tender Offer increased the Company’s ownership to 312,974 shares representing approximately 72% of the shares of Brand 24.
In July 2024, the Company acquired all of the outstanding shares of Ryte GmbH ("Ryte"), an enterprise site audit and website performance monitoring company located and based in Germany. The purchase price for the Ryte acquisition totaled $10.5 million, consisting of $8.9 million of cash on hand and approximately $1.6 million of deferred payments. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations. The Company is in the process of finalizing the accounting for this transaction and will complete the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the third quarter of 2024.