RELATED PARTY TRANSACTIONS

12 Months Ended

Jun. 30, 2023

Related Party Transactions [Abstract]

Related Party Transactions

RELATED PARTY TRANSACTIONS

A member of our Board of Directors serves as a strategic advisor to a consulting firm that we utilize for payments analytics and advisory services. These services are utilized by the Company to reduce the cost of our interchange and other processing fees charged by payment processors and credit card networks. As consideration for the services, we pay the consulting firm a success fee based on the savings realized by the Company and a recurring monthly subscription fee for the analytics services. The total expense recognized within Cost of subscription and transaction fees for the year ended June 30, 2023 and 2022 for these arrangements were $0.4 million and $1.1 million, respectively. The Company did not recognize an expense related to this arrangement for the year ended June 30, 2021.

See Note 16 - Stock-Based Compensation for information on transactions relating to Hudson Executive.