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Subsequent Event
9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
Subsequent Event

(16) Subsequent Event

(a) Divestiture:

In October 2020, the Company sold certain assets related to its Local Leads Platform, Call Marketplace and other assets not related to core conversational analytics to an entity controlled by employee shareholders of the Company. The Company received cash consideration at closing of approximately $2.3 million and the sale also includes (i) contingent consideration based on the achievement of certain revenue and thresholds from the Call Marketplace, Local Leads Platform and the purchaser’s total business; (ii) certain contingent sale transaction consideration; (iii) shares of Class B common stock in the purchaser equal to the issuance of a 10% equity interest; and (iv) the cancellation of Company stock options for 1.5 million shares currently held by two officers of the Company who are involved in the transaction.

In connection with the closing, the Company also entered into a support services agreement with the purchaser pursuant to which the Company will provide services to the purchaser for a support services fee, with certain guaranteed payments to the Company in the first year and second year following closing.

The Company anticipates this divestiture will be classified as discontinued operations and accounted for in the quarter ended and year ended December 31, 2020.

(b) Tender Offer:

In October 2020, a joint and equal tender from the Company and Edenbrook Capital LLC (an existing shareholder of the Company) (the "Offer") was completed for 10 million shares of the Company's Class B common stock at $2.15 per share, of which the Company's share of the repurchase totaled approximately $10.8 million for 5 million shares.