v3.26.1
Acquisitions
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
On May 19, 2026, the Company acquired Ekumen Inc., CR77 SRL, and Gethen GmbH (collectively referred to as “Ekumen”) for a purchase price of $18.4 million, including cash paid at closing of $16.8 million and contingent consideration with an acquisition-date fair value of $1.6 million. The maximum amount of potential contingent cash consideration is $2.5 million, subject to attainment of certain revenue and gross margin metrics within 12 months. Ekumen is a Buenos Aires-based Robotics
and Physical AI Product Engineering group with more than 13 years of experience delivering industrial robotics solutions for leading companies across the Americas, Spain, and Germany. This acquisition significantly expands Company’s capabilities to design, build and deploy production-grade robotic systems and agentic AI for enterprise clients.
Assets acquired and liabilities assumed
The following table summarizes the fair values of the assets acquired and liabilities assumed as of June 30, 2026.
The estimated fair values are provisional and based on the information available as of the acquisition date. The Company expects to complete the purchase price allocation of Ekumen as soon as practicable but no later than one year from the acquisition date.
Ekumen
(in thousands)
Cash, cash equivalents and restricted cash
$2,725 
Trade receivables(1)
1,553 
Prepaid expenses and other current assets80 
Intangible assets11,020 
Goodwill(2)
7,728 
Property and equipment, and other noncurrent assets
52 
Total assets acquired$23,158 
Accounts payable, accrued expenses and other current liabilities$(1,851)
Deferred taxes(2,941)
Total liabilities assumed$(4,792)
Purchase price allocation$18,366 
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(1)The estimated fair values of trade receivables equaled their gross contractual amounts due as of the acquisition date.
(2)The goodwill recognized as a result of the Ekumen acquisition is primarily attributed to the value the Company expects to achieve through growth opportunities globally as well as 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, 2026 are as follows:
Ekumen
Fair ValueUseful Life
(dollars in thousands)
Customer relationships$10,437 8 years
Trade name583 3 years
Total identified intangible assets$11,020 
Effect on operating results
During the three and six months ended June 30, 2026, net income from Ekumen since the date of acquisition was not material. Pro forma results of operations have not been presented for Ekumen because the effect of the acquisition on the Company’s unaudited condensed consolidated financial statements was not material.