XML 29 R12.htm IDEA: XBRL DOCUMENT v3.25.2
Business Combination
6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination Business Combination
On June 27, 2025, a subsidiary of the Company acquired 100% of the equity interest of Bubty B.V., which is referred to as Bubty, for $20.4 million in cash. Bubty is a Netherlands-based platform supporting enterprise management of contingent workforce solutions. This acquisition advances the Company's strategic objectives by equipping its operating subsidiaries with enhanced workforce management capabilities and advances its platform for clients managing global talent.
Management expects that substantially all of the cash consideration will be allocated to developed technology, customer relationships, and goodwill. As the purchase accounting is not yet complete, the $20.4 million in cash consideration has been preliminarily recorded as goodwill, which is not deductible for income tax purposes, on the Company’s condensed consolidated balance sheet as of June 30, 2025, in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations.
The purchase price allocation is preliminary and subject to change as the Company completes its valuation analyses and obtains additional information about the fair values of the assets acquired and liabilities assumed. The Company expects to complete the purchase price allocation in the third quarter of 2025, in accordance with ASC 805.