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Subsequent Event
12 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Event Subsequent Event
On February 3, 2023, the Company acquired Power Finance Inc. (Power Finance) for a purchase price of $221.9 million in cash, approximately one-third of which is payable over a two-year period subject to certain conditions. The purchase price does not include potential future earn-out amounts tied to additional performance-based goals to be achieved within the next 12 months with a maximum payout of up to $53.1 million. Power Finance’s cloud-native platform offers credit card program management services for companies creating new credit card programs. This acquisition is expected to allow the Company’s customers to launch a wide range of credit products and constructs.
The Company is currently finalizing the accounting for this transaction and expects to complete the preliminary allocation of purchase consideration to the assets acquired and liabilities assumed by the end of the first quarter of 2023.