Note 20. Subsequent Events

Subsequent to the year-end through March 16, 2022, the Company purchased 57,623 shares of its common stock at an average price of $28.34 per share for $1.6 million. The repurchases were made in open market transactions using cash on hand, and all of the shares repurchased were retired.

On January 3, 2022, the Company acquired 100% of the member interests in Forensic Logic, LLC, the premier provider to law enforcement of network search technology and cloud-based information services, for a purchase consideration of $5.0 million in cash, subject to working capital adjustments, $15.0 million of the Company’s common stock and additional contingent consideration. The contingent consideration is an earnout agreement for 2022 and 2023. Up to $9.5 million in contingent earnout will be payable based on Forensic Logic’s revenues generated during 2022. An additional amount up to $10.5 million contingent earnout will be payable based on Forensic Logic’s revenues during 2023. The amounts will be determined and paid within approximately 90 days after the end of 2022 and 2023, respectively.