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Subsequent Event
3 Months Ended
Mar. 31, 2017
Subsequent Event [Abstract]  
Subsequent Event

11.  Subsequent Events

Subsequent to the quarter ended March 31, 2017, the Company acquired the operations of Jibe Consulting, Inc. (“Jibe”), a U.S.- based Oracle E-Business Suite (“EBS”) and Oracle Cloud Business Application implementation firm. The acquisition of Jibe enhances the Company’s Cloud Application capabilities and strongly complements its market leading Enterprise Performance Management (“EPM”) transformation and technology implementation group.

Management’s purchase consideration was $5.4 million in cash and $3.6 million in shares of the Company’s common stock subject to vesting. In addition, the Sellers have the opportunity to earn an additional $11.0 million in contingent consideration in cash and stock based on the achievement of performance targets achieved over the next 18 months.  The equity related to the contingent consideration will be subject to service vesting. The initial cash consideration was funded from borrowings under the Company’s Revolver.

Subsequent to the quarter ended March 31, 2017, the Company also acquired the U.K.-based operations of Aecus Limited (“Aecus”), a European Outsourcing Advisory and Robotics Process Automation (“RPA”) consulting firm. This acquisition strongly complements the global strategy and business transformation offerings of the Hackett Group.

Management’s purchase consideration was £3.2 million in cash. In addition, the Sellers have the opportunity to earn an additional £3.0 million in contingent consideration in cash based on the achievement of performance targets achieved over the next 12 months.  The closing purchase consideration was funded with the Company’s available funds.

As a result of the short period between both of the acquisition dates and the date of the issuance of the Company’s first quarter consolidated financial statements, all of the information required to be disclosed by ASC 805 has not yet been completed.