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Business Combination | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Business Combination | Business Combination MANTL On March 17, 2025, the Company consummated its previously announced merger with Fin Technologies, Inc. dba MANTL (“MANTL”) pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), dated February 27, 2025, with MANTL surviving as a wholly owned subsidiary of the Company. MANTL provides onboarding and account opening solutions that allow financial institutions to acquire commercial, business and retail customers through a variety of channels for many deposit account types. The aggregate consideration paid in exchange for all of the outstanding equity interests of MANTL was approximately $375 million, net of cash acquired (the "Merger Consideration"). A portion of the Merger Consideration of approximately $9.1 million was placed into escrow to secure certain post-closing obligations as defined in the Merger Agreement. As of September 30, 2025, the allocation of the purchase price for MANTL has not been finalized. The preliminary purchase price allocations are based upon the preliminary valuation of assets and liabilities. These estimates and assumptions are subject to change as the Company obtains additional information during the measurement period. The following table summarizes the fair value of the amounts recognized as of the acquisition date for each major class of asset acquired or liability assumed, as well as adjustments made during the measurement period:
(in thousands) | Preliminary Fair Value as of March 17, 2025 |  | Measurement Period Adjustments |  | Adjusted Fair Value as of September 30, 2025
Cash | $ | 2,784 |  |  | $ | — |  |  | $ | 2,784 |
Trade accounts receivables | 1,479 |  |  | — |  |  | 1,479 |
Prepaid expenses and other current assets | 2,826 |  |  | 105 |  |  | 2,931 |
Property and equipment, net | 217 |  |  | — |  |  | 217 |
Goodwill | 252,108 |  |  | 3,246 |  |  | 255,354 |
Intangible assets | 153,500 |  |  | — |  |  | 153,500 |
Right-of-use assets | 336 |  |  | — |  |  | 336 |
Total assets acquired | $ | 413,250 |  |  | $ | 3,351 |  |  | $ | 416,601 |
Accounts payable | $ | 1,653 |  |  | $ | — |  |  | $ | 1,653 |
Accrued liabilities | 1,163 |  |  | — |  |  | 1,163 |
Lease liabilities, current portion | 180 |  |  | — |  |  | 180 |
Deferred revenues, current portion | 12,056 |  |  | (409) |  |  | 11,647 |
Deferred tax liability | 8,836 |  |  | 3,760 |  |  | 12,596 |
Lease liabilities, net of current portion | 167 |  |  | — |  |  | 167 |
Deferred revenues, net of current portion | 10,091 |  |  | — |  |  | 10,091 |
Total liabilities assumed | 34,146 |  |  | 3,351 |  |  | 37,497 |
Net assets acquired | $ | 379,104 |  |  | $ | — |  |  | $ | 379,104 |
Less cash acquired | (2,784) |  |  | — |  |  | (2,784) |
Less stock-based compensation replacement awards related to merger consideration and attributable to pre-combination services | (821) |  |  | — |  |  | (821) |
Total cash consideration for acquisition, less cash acquired | $ | 375,499 |  |  | $ | — |  |  | $ | 375,499 |
The measurement period adjustments recorded for the nine months ended September 30, 2025 are related to post-closing working capital adjustments, a deferred revenue adjustment, and assumption of deferred tax liabilities. The table below outlines the purchased identifiable intangible assets:
| Weighted-Average Amortization Period |  | Total
| (in years) |  | (in thousands)
Customer relationships | 15 |  | $ | 72,500 |
Developed technology | 5 |  | 75,300 |
Tradenames | 10 |  | 5,700 |
Total identifiable intangible assets |  |  | $ | 153,500 |
Goodwill resulted from the acquisition as it is intended to augment and diversify the Company’s single reportable segment and provide a complimentary solution to its existing platform offering. The Company accounted for the acquisition as a business combination. As a result of the acquisition of the stock of MANTL, the goodwill is not deductible for tax purposes. The Company estimated and recorded a net deferred tax liability of $12.6 million after offsetting the acquired available tax attributes with the identifiable intangible assets shown in the table above. Refer to Note 10 for discussion of the partial release of the Company’s pre-existing valuation allowance relating to the net deferred tax liability. In connection with the acquisition of MANTL, the vesting of certain outstanding unvested equity awards was accelerated. These awards were settled in cash upon the closing of the transaction and were accounted for as post-combination stock-based compensation expense. As a result, the Company recognized stock-based compensation expense of $3.9 million, of which $1.0 million, $1.0 million, $0.3 million, and $1.6 million are included in cost of revenues, research and development, sales and marketing, and general and administrative, respectively, in the condensed consolidated statements of operations for the nine months ended September 30, 2025. For the three and nine months ended September 30, 2025, the Company recognized acquisition-related expenses of $0.2 million and $3.1 million, respectively, related to the acquisition of MANTL. The financial results of MANTL, for the period of March 18, 2025 through September 30, 2025, are included in the Company’s condensed consolidated financial statements and notes. The revenue contribution from the MANTL acquisition was $11.0 million and $22.7 million for the three and nine months ended September 30, 2025, respectively.

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