Subsequent Events

12 Months Ended

Dec. 31, 2020

24. SUBSEQUENT EVENTS

Business Acquisition—In January 2021, the Company completed the business acquisition of MSE Group (“MSE”) by acquiring 100.0% of their membership interest. MSE is a provider of environmental assessment, compliance, engineering, and design services primarily to the U.S. federal government. MSE is based in Orlando, FL with additional offices in Tampa, Orlando, Jacksonville, San Antonio, TX, and Wilmington, NC, and satellite locations nationwide. The transaction qualified as an acquisition of a business and will be accounted for as a business combination. The following table summarizes the elements of the purchase price of MSE:

Cash⁽¹⁾

Common

Stock ⁽²⁾

Other

Purchase

Price

Component ⁽³⁾

Total

Purchase

Price

MSE

6,272

2,271

12,014

20,557

(1)

The cash portion of the MSE purchase price was funded through cash on hand.

(2)

The common stock component was paid through the issuance of 71,740 shares of common stock.

(3)

The other purchase price components consist of a target working capital amount, purchase price true ups and contingent consideration. The contingent consideration element of the purchase price is related to earn-outs which are based on the expected achievement of revenue or earnings thresholds as of the date of the acquisition and for which the maximum potential amount is limited.

The Company has not yet completed the initial purchase price allocation for this acquisition, including obtaining all of the information required for the valuation of the acquired intangible assets, goodwill, assets and liabilities assumed, due to the timing of the close of the transaction.