Business Combination (Tables)

3 Months Ended

Mar. 31, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The acquisition of Bubty was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. Accordingly, the allocation of the purchase price is as follows (in thousands):


Cash and cash equivalents	$	77
Trade and client receivables	71
Intangible assets	18,600
Total assets	$	18,748

Accounts payable, accrued expenses and other liabilities	$	930
Deferred tax liability	3,614
Total liabilities	$	4,544

Net assets	$	14,204
Goodwill	6,206
Total purchase price consideration	$	20,410

The acquisition of Ascen was accounted for as a business combination in accordance with ASC Topic 805, Business Combinations. Accordingly, the allocation of the purchase price is as follows (in thousands):


Cash and cash equivalents	$	2,688
Trade and client receivables	12,420
Intangible assets	15,000
Other current assets	2,116
Total assets	$	32,224

Accounts payable, accrued expenses and other liabilities	$	9,080
Deferred tax liability	4,306
Total liabilities	$	13,386

Net assets	$	18,838
Goodwill	21,922
Total purchase price consideration	$	40,760

Schedule of Estimated Useful Lives and Fair Value of the Intangible Assets Acquired

As of the acquisition date, the fair value and expected useful lives of the identifiable intangible assets acquired were as follows (dollars in thousands):


	Fair Value		Expected Useful life
Developed technology	$	18,600	5 years

As of the acquisition date, the fair value and expected useful lives of the identifiable intangible assets acquired were as follows (dollars in thousands):


	Fair Value		Expected Useful life
Customer relationship	$	10,000	3 years
Developed technology	$	5,000	5 years
Total intangibles	$	15,000

UPWORK, INC 10-Q