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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events

(20) Subsequent Events

 

On February 7, 2020, the Company entered into a Stock Purchase Agreement with Connexient, Inc. (“Connexient”) pursuant to which the Company purchased all of the issued and outstanding shares of stock of Connexient for a base consideration of $20.5 million. The Company paid $11.4 million in cash at closing and paid the remaining purchase price with 96,611 newly issued shares of the Company’s common stock. In addition to the base purchase price, there is also a potential contingent payment of up to $6.0 million that can be earned in addition to the base consideration by the sellers based on fiscal year 2020 revenue metrics. The Company acquired Connexient for its strategic technology assets to enhance the Company’s CEM suite of solutions to broaden support for Internet of Things (“IoT”) applications.

On February 25, 2020, the Company entered into a Stock Purchase Agreement with CNL Software Limited (“CNL”) for a base consideration of approximately $35.7 million. The Company paid approximately $19.8 million in cash at closing and paid the remaining purchase price with 153,217 newly issued shares of the Company’s common stock. The Company acquired CNL for its strategic technology assets to enhance the Company’s CEM suite of solutions to broaden support for IoT applications.