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Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events

(18) Subsequent Events

 

       

On August 1, 2019, the Company entered into a Membership Interest Purchase Agreement, or the Purchase Agreement, with NC4 Inc., NC4 Public Sector LLC, and Celerium Group Inc., pursuant to which the Company purchased all of the issued and outstanding membership interests of NC4 Inc. and NC4 Public Sector LLC for total consideration of $83.0 million. The Company paid approximately $51.7 million in cash at closing and paid the remaining purchase price with 320,998 newly issued shares of the Company’s common stock. On the closing date of this acquisition the closing price of the Company’s common stock on the Nasdaq Global Market was $100.37 price per share. The Company’s acquisition of NC4 Inc. and NC4 Public Sector LLC was made primarily to expand the Company’s customer base and to a lesser extent to complement some of the existing facets of its business with the Company’s existing customers.  

 

On July 15, 2019, David Meredith was appointed the Chief Executive Officer and member of the Board of Directors of the Company. As part of his employment agreement, Mr. Meredith was awarded 100,000 RSUs and 100,000 PSUs. The RSUs and PSUs vest over

periods ranging from one to three years. The estimated total stock-based compensation associated with these grants of $19.8 million is expected to be recognized over a weighted average period of 2.9 years.