v3.25.2
Acquisitions
 6 Months Ended
Jun. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Overview of transactions
Mobile Computing — On October 4, 2024, the Company acquired all shares of Mobile Computing S.A. (“Mobile Computing”), an Argentina-based company, for a purchase price of $16.0 million including cash paid at closing of $13.3 million and contingent consideration with an acquisition-date fair value of $2.7 million. The maximum amount of potential contingent cash consideration is $3.0 million, subject to attainment of certain revenue and gross profit metrics within 12 months. The acquisition of Mobile Computing expanded the Company’s client portfolio, strengthened its expertise in digital product co-creation and User Interface (“UI”)/User Experience (“UX”) services and significantly contributed to the “Follow-the-Sun” model to better serve clients.
JUXT — On September 26, 2024, the Company acquired 100% of a group of UK-based companies, including Headrunner Limited and Congreve Computing Ltd., with their wholly owned subsidiary JUXT Ltd. (collectively referred to as “JUXT”). The total purchase consideration was $47.0 million, consisting of cash consideration of $39.5 million paid at closing and fair value of the contingent consideration at the date of the acquisition of $7.5 million. The maximum amount of potential contingent cash consideration is $9.4 million, subject to attainment of certain revenue and gross profit metrics within 12 months. The acquisition of JUXT strengthened the Company’s go-to-market positioning in the Finance vertical and opened new opportunities across the European market.
Assets acquired and liabilities assumed
The following table summarizes the fair values of the assets acquired and liabilities assumed as updated for any changes as of June 30, 2025.
During the second quarter of 2025, the Company finalized the working capital adjustment for JUXT that resulted in a decrease of original purchase price in the amount of $0.2 million with a corresponding net change in goodwill. The Company then
finalized the fair value of the assets acquired and liabilities assumed in the acquisition of JUXT. The amounts related to Mobile Computing acquisition represent the Company’s provisional fair value estimates and are subject to subsequent adjustments as additional information is obtained during the applicable measurement period. The primary provisional amounts include certain working capital accounts that are not yet finalized. The Company expects to complete the purchase price allocation of Mobile Computing as soon as practicable but no later than one year from the acquisition date.
Mobile ComputingJUXT
(in thousands)
Cash, cash equivalents and restricted cash
$2,330 $7,344 
Trade receivables(1)
1,496 7,132 
Prepaid expenses and other current assets379 273 
Intangible assets8,740 18,870 
Goodwill(2)-(3)
7,573 23,164 
Property and equipment, and other noncurrent assets
408 231 
Total assets acquired$20,926 $57,014 
Accounts payable, accrued expenses and other current liabilities$(1,858)$(5,491)
Deferred taxes(3,051)(4,753)
Other noncurrent liabilities
(59)— 
Total liabilities assumed$(4,968)$(10,244)
Purchase price allocation$15,958 $46,770 
________________________
(1)The estimated fair values of trade receivables equaled their gross contractual amounts due as of the acquisition dates, all of which were collected by the Company as of June 30, 2025.
(2)The goodwill recognized as a result of the Mobile Computing acquisition is primarily attributed to the value the Company expects to achieve through growth opportunities in Latin America as well as the assembled workforce acquired. The goodwill is not deductible for income tax purposes.
(3)The goodwill recognized as a result of the JUXT acquisition is primarily attributed to synergies expected to be achieved by expanding the Company’s ability to serve customers in Europe and the assembled workforce acquired. The goodwill is not deductible for income tax purposes.
The estimated fair value, useful lives and amortization methods of identifiable intangible assets as of the date of acquisition updated for any changes during the six months ended June 30, 2025 are as follows:
Mobile ComputingJUXT
Fair ValueUseful LifeFair ValueUseful Life
(dollars in thousands)
Customer relationships$8,362 8 years$17,568 8 years
Trade name378 2 years1,302 2.5 years
Total identified intangible assets$8,740 $18,870 
Effect on operating results
The following table summarizes the effect on operating results of the Company for the three and six months ended June 30, 2025 and 2024:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
(in thousands)
Transaction-related costs in General and administrative expenses
$80 $56 $290 $227 
Revenues(1)
$12,849 $— $25,413 $— 
________________________
(1)Revenues generated by JUXT and Mobile Computing during the period of one year starting from the applicable acquisition date.
These unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results of operations as they would have been had the acquisitions of Mobile Computing and JUXT occurred on the assumed date, nor are they necessarily an indication of future operating results.
Three Months EndedSix Months Ended
June 30, 2024
(in thousands)
Revenues
$92,050 $179,844 
Net loss$(1,144)$(5,716)