Related-Party Transactions

12 Months Ended

Dec. 31, 2020

Related Party Transactions [Abstract]

Related-Party Transactions

21. RELATED-PARTY TRANSACTIONS

The Company engages a related party to provide Quality of Earnings reports on acquisition targets. The Company paid this related party approximately $0.1 million, $0.5 million and $0.4 million during the years ended December 31, 2020, 2019, and 2018, respectively for its services. This expense is included within selling, general and administrative on the consolidated statements of operations. As of December 31, 2020 and 2019, the Company had no significant unpaid invoices to this related party, which would be included in accounts payable and other accrued liabilities on the consolidated statements of financial position. The related party used by the Company is partially owned through investment vehicles controlled by certain members of the Company’s Board of Directors. The Company ceased using the services of this related party during 2020.

During the year ended December 31, 2020, the holder of the Redeemable Series A-1 Preferred Stock and Convertible and Redeemable A-2 Preferred Stock became a common stockholder in the Company. On the redemption date of the Redeemable Series A-1 Preferred Stock (Note 16), the Company issued 1,786,739 shares of common stock as dividend payment. Additionally, this related party exercised its warrant options (Note 12), becoming the holder of 2,534,239 additional common shares.

During the year ended December 31, 2019, the Company received payment for the notes receivable outstanding from stockholders amounting to $0.1 million.