Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table presents management's preliminary purchase price allocation:

(in thousands)	Purchase price allocation
Cash	$	1,087
Accounts receivable	1,117
Property and equipment	80
Lease right-of-use assets	1,380
Developed technology	11,500
Customer relationships	14,000
Non-competition agreements	3,700
Indemnification assets	2,338
Prepaid and other acquired assets	200
Goodwill	97,017
Total assets	132,419
Accounts payable	295
Accrued expenses	1,155
Lease right-of-use liabilities	1,359
Deferred revenue	893
Indemnification liabilities	2,338
Deferred taxes	1,312
Consideration paid	$	125,067

The following table presents management's current purchase price allocation and the initial purchase price allocation:

(in thousands)	Current purchase price allocation		Initial purchase price allocation
Cash	$	4,179	$	4,179
Short-term investments	562		562
Accounts receivable	7,105		7,105
Property and equipment	1,030		1,030
Lease right-of-use assets	3,418		3,418
Developed technology	32,100		32,100
Customer relationships	48,000		48,000
Trade names	1,800		1,800
Prepaid and other acquired assets	1,916		1,916
Goodwill	182,042		181,442
Total assets	282,152		281,552
Accounts payable	4,212		4,212
Accrued expenses	3,705		3,502
Lease right-of-use liabilities	3,397		3,397
Deferred revenue	4,710		4,710
Deferred taxes	20,660		20,263
Consideration paid	$	245,468	$	245,468

The following table presents management's final purchase price allocation and the initial purchase price allocation:

(in thousands)	Final purchase price allocation		Initial purchase price allocation
Cash	$	4,244	$	4,244
Accounts receivable	1,262		2,208
Property and equipment	307		307
Developed technology	18,200		18,200
Customer relationships	39,400		39,000
Trademarks	5,400		6,600
Non-competition agreements	3,500		4,800
Prepaid and other acquired assets	774		774
Goodwill	134,112		132,140
Total assets	207,199		208,273
Accounts payable	317		317
Accrued expenses	4,053		4,459
Deferred revenue	7,680		5,443
Deferred taxes	5,444		8,349
Consideration paid	$	189,705	$	189,705

Schedule of Pro Forma Financial Information

The following table summarizes the Company's unaudited pro forma results of operations for the years ended December 31, 2024 and 2023 as if the Delaget Acquisition, TASK Group Acquisition, and Stuzo Acquisition had occurred on January 1, 2023:

	Year Ended December 31,
(in thousands)	2024		2023
Total revenue	$	399,333	$	377,246
Net loss from continuing operations	(108,961)		(87,210)

The unaudited pro forma results presented above are for illustrative purposes only and do not reflect the realization of actual cost savings or any related integration costs. The unaudited pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future. These unaudited pro forma results include certain adjustments, primarily due to increases in amortization expense due to the fair value adjustments of intangible assets, acquisition related costs and the impact of income taxes on the pro forma adjustments. $7.5 million of acquisition costs have been reflected in the 2023 pro forma results.