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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Consideration Paid for Acquisitions | The following table summarizes the consideration transferred for the acquisitions described above (in thousands):
|  | BA Insight |  | Objectif Lune |  | Panviva |  | BlueVenn |  | Second Street |  |  |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 33,355 |  |  | $ | 29,750 |  |  | $ | 19,931 |  |  | $ | 53,535 |  |  | $ | 25,436 |  |  |  |  |  |  |  |  |  |  |  |  |
Holdback (1) |  | 645 |  |  | 5,250 |  |  | 3,517 |  |  | 2,429 |  |  | 5,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration (2) |  | — |  |  | — |  |  | — |  |  | 2,535 |  |  | 1,650 |  |  |  |  |  |  |  |  |  |  |  |  |
Working capital and other adjustments |  | 1,587 |  |  | 338 |  |  | 379 |  |  | (537) |  |  | (1,365) |  |  |  |  |  |  |  |  |  |  |  |  |
Total consideration |  | $ | 35,587 |  |  | $ | 35,338 |  |  | $ | 23,827 |  |  | $ | 57,962 |  |  | $ | 30,721 |  |  |  |  |  |  |  |  |  |  |  |  |
(1)Represents the cash holdbacks subject to indemnification claims that are payable 12 months following closing for Objectif Lune, Panviva and Second Street, 15 months following closing for BA Insight and 18 months following closing for BlueVenn. (2)Represents the acquisition date fair value of anticipated earnout payments, which are based on the estimated probability of attainment of the underlying future performance-based conditions at the time of acquisition. The maximum potential payout for the BlueVenn and Second Street earn-outs were $21.7 million and $3.0 million, respectively. As of March 31, 2022, the earnout payments for BlueVenn and Second Street were finalized resulting in no payments made.
Schedule of Assets and Liabilities Assumed through Acquisition | The following condensed table presents the preliminary and finalized acquisition-date fair value of the assets acquired and liabilities assumed for the acquisitions during the year ended December 31, 2021 and through the nine months ended September 30, 2022, (in thousands):
|  | Preliminary |  | Final
|  | BA Insight |  | Objectif Lune |  | Panviva |  | BlueVenn |  | Second Street
Year Acquired |  | 2022 |  | 2022 |  | 2021 |  | 2021 |  | 2021
Cash |  | $ | 4 |  |  | $ | 745 |  |  | $ | 132 |  |  | $ | 1,115 |  |  | $ | — |
Accounts receivable |  | 2,466 |  |  | 5,251 |  |  | 2,122 |  |  | 1,289 |  |  | 1,105 |
Other current assets |  | 4,080 |  |  | 7,197 |  |  | 4,985 |  |  | 2,002 |  |  | 89 |
Operating lease right-of-use asset |  | 110 |  |  | 1,905 |  |  | 197 |  |  | 1,357 |  |  | 489 |
Property and equipment |  | 3 |  |  | 248 |  |  | 26 |  |  | 611 |  |  | 156 |
Customer relationships |  | 10,500 |  |  | 17,717 |  |  | 9,757 |  |  | 18,888 |  |  | 14,600 |
Trade name |  | 150 |  |  | 362 |  |  | 76 |  |  | 238 |  |  | 200 |
Technology |  | 2,000 |  |  | 5,512 |  |  | 2,194 |  |  | 4,337 |  |  | 3,400 |
Favorable Leases |  | — |  |  | 291 |  |  | — |  |  | — |  |  | — |
Goodwill |  | 25,993 |  |  | 23,283 |  |  | 16,604 |  |  | 44,892 |  |  | 16,586 |
Other assets |  | 25 |  |  | 744 |  |  | 33 |  |  | 24 |  |  | 13 |
Total assets acquired |  | 45,331 |  |  | 63,255 |  |  | 36,126 |  |  | 74,753 |  |  | 36,638 |
Accounts payable |  | (236) |  |  | (2,001) |  |  | (1,257) |  |  | (2,772) |  |  | (230) |
Accrued expense and other |  | (4,193) |  |  | (9,437) |  |  | (5,053) |  |  | (2,429) |  |  | (378) |
Deferred tax liabilities |  | (388) |  |  | (5,726) |  |  | (2,395) |  |  | (3,640) |  |  | (4,320) |
Deferred revenue |  | (4,817) |  |  | (8,848) |  |  | (3,397) |  |  | (6,593) |  |  | (500) |
Operating lease liabilities |  | (110) |  |  | (1,905) |  |  | (197) |  |  | (1,357) |  |  | (489) |
Total liabilities assumed |  | (9,744) |  |  | (27,917) |  |  | (12,299) |  |  | (16,791) |  |  | (5,917) |
Total consideration |  | $ | 35,587 |  |  | $ | 35,338 |  |  | $ | 23,827 |  |  | $ | 57,962 |  |  | $ | 30,721 |
Schedule of Weighted-Average Amortization Period | The following table summarizes the weighted-average useful lives, by major finite-lived intangible asset class, for intangibles acquired during the nine months ended September 30, 2022 and the year ended December 31, 2021 (in years):
| Useful Life
| September 30, 2022 |  | December 31, 2021
Customer relationships | 7.0 |  | 7.0
Trade name | 2.0 |  | 2.0
Developed technology | 6.2 |  | 5.0
Favorable Leases | 6.3 |  | 0
Total weighted-average useful life | 6.8 |  | 6.6

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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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