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Subsequent Event
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

8. SUBSEQUENT EVENT

Acquisition of MediaDonuts

On July 1, 2021, a wholly-owned subsidiary of the Company completed its acquisition of 100% of the issued and outstanding shares of stock of MediaDonuts Pte. Ltd., a company engaged in the sale and marketing of digital advertising in Southeast Asia. The transaction, funded from the Company’s cash on hand, includes a purchase price of approximately $15.1 million in cash, which amount was adjusted at closing to approximately $17.1 million due to customary purchase price adjustments for cash, indebtedness and working capital. Additionally, the transaction includes up to $7.4 million in contingent earn-out payments based upon the achievement of certain EBITDA targets in calendar years 2021 and 2022, and an additional earn-out based upon the achievement of certain year-over-year EBITDA growth targets in calendar years 2023 and 2024, calculated as a pre-determined multiple of EBITDA for each of those years.