Business Combinations |
9 Months Ended |
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Sep. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business Combinations | Business Combinations BastionZero In May 2024, the Company acquired all of the outstanding shares of BastionZero, developers of a Zero Trust infrastructure access platform, for total purchase consideration of $13.1 million. The total purchase consideration mainly consists of (i) acquisition-date cash payments of $11.3 million, net of immaterial cash acquired, and (ii) a cash holdback of $1.6 million, which the Company is retaining for up to 18 months and the remaining portion of which (if any) will be payable after such time to the previous owners of BastionZero, subject to offset by the Company for any of the previous owners’ indemnification obligations in connection with the acquisition. The transaction-related costs for the acquisition were not material and were included in general and administrative expenses during the nine months ended September 30, 2024. In connection with the acquisition of BastionZero, the Company recorded $5.1 million of acquired intangible assets, $8.1 million of goodwill and $0.2 million of other noncurrent liabilities at their estimated fair values. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill, none of which is expected to be deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce as well as the anticipated synergies from the integration of BastionZero’s technology with the Company's technology. For further details on the acquired assets, refer to Note 5 to these condensed consolidated financial statements. This acquisition did not have a material impact on the Company’s reported revenue or net loss amounts for any period presented; therefore, historical and pro forma disclosures have not been presented.
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