Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

21. Segment Information

The Company’s operating segments are significant strategic business units that align its products and services with how it manages its business, approaches the markets and interacts with its clients. The Company is organized into two segments: Applied Workflow Automation and Technology.

Applied Workflow Automation

The Applied Workflow Automation segment provides services powered by intelligent, AI-enabled workflows that generate outcomes for clients’ systems. Revenue primarily stems from transactions processed and includes payment processing, data capture, analysis, decisioning, distribution and transformation across industries and the public and private sectors, primarily in Americas and Europe, and increasingly in Asia. The Applied Workflow Automation segment includes the Company’s Bills & Payments, healthcare industry solutions, on-site enterprise solutions, integrated communications and enterprise legal management business units which serve leading banks, payers and providers, utilities as well as federal, regional and local government entities.

Technology

The Technology segment focuses on the sale of recurring and perpetual software licenses, software maintenance and professional services, as well as hardware solutions and maintenance. The Company offers an industry-agnostic and cross-departmental suite of products, with primary focus on scalable workflows leveraging AI through neural networks together with deep domain expertise. The Company also offers industry specific platforms for the banking and healthcare industries.

The Company’s Chief Operating Decision Maker (“CODM”) is the Company’s Chief Executive Officer. The CODM reviews segment profit to evaluate operating segment performance and determine how to allocate resources to operating segments. “Segment profit” is defined as revenue less cost of revenue (exclusive of depreciation and amortization). The Company does not allocate selling, general, and administrative expenses, depreciation and amortization, related party expense, net, interest expense, net, sundry expenses (income), net, and other expense (income), net to its reporting segments. The Company manages assets on a total company basis, not by operating segment, and therefore asset information and capital expenditures by operating segments are not presented. A reconciliation of segment profit to net loss before income taxes is presented below. Other than cost of revenue, no

expenses are tracked, allocated or reported based on segments as the CODM does not review or use financial information below segment profit to manage and direct the resources of the reportable segments.

	Successor						Predecessor
	Consolidated						Combined and Consolidated
	Period from August 1, 2025 through December 31, 2025						Period from January 1, 2025 through July 31, 2025
	Applied Workflow Automation		Technology		Total		Applied Workflow Automation		Technology		Total
Revenue (including related party revenue)	$	321,618	$	37,763	$	359,381	$	401,593	$	30,068	$	431,661
Cost of revenue (exclusive of depreciation and amortization)		264,474		14,917		279,391		329,433		10,548		339,981
Segment profit		57,144		22,846		79,990		72,160		19,520		91,680
Selling, general and administrative expenses (exclusive of depreciation and amortization)						49,669						53,946
Depreciation and amortization						26,225						22,313
Impairment of goodwill						320,292						—
Related party expense						5,386						5,750
Interest expense, net						24,237						75,226
Sundry expense, net						274						1,644
Other income, net						(1,596)						(28)
Loss before reorganization items and income taxes						(344,497)						(67,292)
Reorganization items						1,615						(1,557,825)
Net profit (loss) before income taxes					$	(346,112)					$	1,490,533

	Predecessor
	Combined and Consolidated
	Year ended December 31, 2024
	Applied Workflow Automation		Technology		Total
Revenue (including related party revenue)	$	816,447	$	56,243	$	872,690
Cost of revenue (exclusive of depreciation and amortization)		665,401		18,523		683,924
Segment profit		151,046		37,720		188,766
Selling, general and administrative expenses (exclusive of depreciation and amortization)						124,440
Depreciation and amortization						50,307
Impairment of goodwill and other intangible assets						108,489
Related party expense						10,971
Interest expense, net						101,939
Debt modification and extinguishment costs (gain), net						363
Sundry income, net						(2,087)
Other income, net						(515)
Loss before reorganization items and income taxes						(205,141)
Reorganization items						—
Net loss before income taxes					$	(205,141)