Engagesmart (ESMT) 10-Q 10 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	EngageSmart, Inc.
Entity Central Index Key	0001863105
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		161,691,540
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40835
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2785225
Entity Address, Address Line One	30 Braintree Hill Office Park
Entity Address, Address Line Two	Suite 101
Entity Address, City or Town	Braintree
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02184
City Area Code	781
Local Phone Number	848-3733
Document Quarterly Report	true
Document Transition Report	false
Security 12b Title	Common stock, $0.001 par value per share
Trading Symbol	ESMT
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 253,824	$ 29,350
Accounts receivable, net of allowance for doubtful accounts of $233 and $160 as of September 30, 2021 and December 31, 2020, respectively	10,295	8,100
Unbilled receivables	3,904	2,973
Prepaid expenses and other current assets	6,684	3,490
Total current assets	274,707	43,913
Property and equipment, net	10,320	6,211
Goodwill	425,677	425,677
Acquired intangible assets, net	91,820	103,520
Other assets	3,518	1,837
Total assets	806,042	581,158
Current liabilities:
Accounts payable	6,849	3,137
Accrued expenses and other current liabilities	24,682	15,966
Contingent consideration liability	2,867	1,867
Deferred revenue	5,892	4,776
Notes payable to related parties		5,900
Total current liabilities	40,290	31,646
Long-term debt, net of issuance costs		110,200
Deferred income taxes	4,848	5,471
Contingent consideration liability, net of current portion		1,498
Deferred revenue, net of current portion	227	201
Other long-term liabilities	5,533	3,482
Total liabilities	50,898	152,498
Commitments and contingencies (Note 13)
Stockholders'/ members' equity:
Preferred stock, par value $0.001 per share, 10,000,000 shares authorized and no shares issued and outstanding as of September 30, 2021, and no shares authorized, issued and outstanding as of December 31, 2020
Common stock, par value $0.001 per share, 650,000,000 shares authorized and 161,601,915 shares issued and outstanding as of September 30, 2021, and no shares authorized, issued and outstanding as of December 31, 2020	162
Additional paid-in capital	784,141
Accumulated stockholders'/members’ deficit	(29,159)	(21,141)
Total members' equity		428,660
Total stockholders’/members' equity	755,144
Total liabilities and stockholders’/members' equity	$ 806,042	581,158
Class A-1 Common Shares
Stockholders'/ members' equity:
Total members' equity		293,286
Class A-2 Common Shares
Stockholders'/ members' equity:
Total members' equity		136,559
Class A-3 Common Shares
Stockholders'/ members' equity:
Total members' equity		$ 19,956

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts	$ 233	$ 160
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 0.001
Common stock, shares authorized	650,000,000	0
Common stock, shares, issued	161,601,915	0
Common stock, shares, outstanding	161,601,915	0
Class A-1 Common Shares
Common unit, par value	$ 0	$ 0
Common unit, issued	0	97,209,436
Common unit, outstanding	0	97,209,436
Class A-2 Common Shares
Common unit, par value	$ 0	$ 0
Common unit, issued	0	45,262,340
Common unit, outstanding	0	45,262,340
Class A-3 Common Shares
Common unit, par value	$ 0	$ 0
Common unit, issued	0	5,010,888
Common unit, outstanding	0	5,010,888

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Revenue	$ 55,493	$ 39,026	$ 154,664	$ 101,560
Cost of revenue	14,237	9,507	39,735	26,387
Gross profit	41,256	29,519	114,929	75,173
Operating expenses:
General and administrative	15,287	5,726	31,990	18,053
Selling and marketing	19,096	11,947	51,224	34,868
Research and development	9,132	5,284	23,947	15,065
Contingent consideration net expense	1,157		1,370
Restructuring charges	(330)	2,434	(241)	2,434
Amortization of intangible assets	2,362	2,362	7,086	7,028
Total operating expenses	46,704	27,753	115,376	77,448
(Loss) income from operations	(5,448)	1,766	(447)	(2,275)
Other income (expense), net:
Interest expense, including related party interest (Note 15)	(3,487)	(2,390)	(8,087)	(7,503)
Other (expense) income, net	(28)	(30)	(107)	2
Total other income (expense), net	(3,515)	(2,420)	(8,194)	(7,501)
Loss before income taxes	(8,963)	(654)	(8,641)	(9,776)
Benefit for income taxes	(671)	(185)	(623)	(2,918)
Net loss and comprehensive loss	$ (8,292)	$ (469)	$ (8,018)	$ (6,858)
Net loss per share:
Basic	$ (0.06)	$ 0	$ (0.05)	$ (0.05)
Diluted	$ (0.06)	$ 0	$ (0.05)	$ (0.05)
Weighted-average number of common shares outstanding:
Basic	149,031,242	145,900,628	148,200,589	145,155,933
Diluted	149,031,242	145,900,628	148,200,589	145,155,933

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders'/Members' Equity (Unaudited) - USD ($) $ in Thousands	Total	Class A-1 Common Shares	Class A-2 Common Shares	Class A-3 Common Shares	Common Stock	Additional Paid-in Capital	Accumulated Stockholders'/ Members' Deficit
Balances at Dec. 31, 2019	$ 429,716	$ 293,286	$ 136,559	$ 14,334			$ (14,463)
Balance, shares at Dec. 31, 2019		97,209,436	45,262,340	502,545
Exercise of equity-based options	2,832			$ 2,832
Exercise of equity-based options, shares				2,520,064
Equity/Stock-based compensation expense	151			$ 151
Net income (loss)	(3,425)						(3,425)
Balances at Mar. 31, 2020	429,274	$ 293,286	$ 136,559	$ 17,317			(17,888)
Balance, shares at Mar. 31, 2020		97,209,436	45,262,340	3,022,609
Balances at Dec. 31, 2019	429,716	$ 293,286	$ 136,559	$ 14,334			(14,463)
Balance, shares at Dec. 31, 2019		97,209,436	45,262,340	502,545
Net income (loss)	(6,858)
Balances at Sep. 30, 2020	426,781	$ 293,286	$ 136,559	$ 18,257			(21,321)
Balance, shares at Sep. 30, 2020		97,209,436	45,262,340	3,676,834
Balances at Mar. 31, 2020	429,274	$ 293,286	$ 136,559	$ 17,317			(17,888)
Balance, shares at Mar. 31, 2020		97,209,436	45,262,340	3,022,609
Exercise of equity-based options	214			$ 214
Exercise of equity-based options, shares				343,154
Equity/Stock-based compensation expense	155			$ 155
Net income (loss)	(2,964)						(2,964)
Balances at Jun. 30, 2020	426,679	$ 293,286	$ 136,559	$ 17,686			(20,852)
Balance, shares at Jun. 30, 2020		97,209,436	45,262,340	3,365,763
Exercise of equity-based options	405			$ 405
Exercise of equity-based options, shares				311,071
Equity/Stock-based compensation expense	166			$ 166
Net income (loss)	(469)						(469)
Balances at Sep. 30, 2020	426,781	$ 293,286	$ 136,559	$ 18,257			(21,321)
Balance, shares at Sep. 30, 2020		97,209,436	45,262,340	3,676,834
Balances at Dec. 31, 2020	428,660	$ 293,286	$ 136,559	$ 19,956			(21,141)
Balance, shares at Dec. 31, 2020		97,209,436	45,262,340	5,010,888
Exercise of equity-based options	552			$ 552
Exercise of equity-based options, shares				306,762
Equity/Stock-based compensation expense	222			$ 222
Net income (loss)	485						485
Balances at Mar. 31, 2021	429,919	$ 293,286	$ 136,559	$ 20,730			(20,656)
Balance, shares at Mar. 31, 2021		97,209,436	45,262,340	5,317,650
Balances at Dec. 31, 2020	$ 428,660	$ 293,286	$ 136,559	$ 19,956			(21,141)
Balance, shares at Dec. 31, 2020		97,209,436	45,262,340	5,010,888
Exercise of equity-based options, shares	573,726
Net income (loss)	$ (8,018)
Balance, shares at Sep. 30, 2021		0	0	0
Balance, common, shares at Sep. 30, 2021					161,601,915
Balances at Sep. 30, 2021	755,144				$ 162	$ 784,141	(29,159)
Balances at Mar. 31, 2021	429,919	$ 293,286	$ 136,559	$ 20,730			(20,656)
Balance, shares at Mar. 31, 2021		97,209,436	45,262,340	5,317,650
Exercise of equity-based options	296			$ 296
Exercise of equity-based options, shares				167,104
Equity/Stock-based compensation expense	338			$ 338
Net income (loss)	(211)						(211)
Balances at Jun. 30, 2021	430,342	$ 293,286	$ 136,559	$ 21,364			(20,867)
Balance, shares at Jun. 30, 2021		97,209,436	45,262,340	5,484,754
Exercise of equity-based options	215			$ 215
Exercise of equity-based options, shares				99,860
Repurchase and retirement of common shares	(51)			$ (51)
Repurchase and retirement of common shares, shares				(74,529)
Conversion of Class A-1, A-2 and A-3 common shares into common stock in connection with initial public offering (Note 10)		$ (293,286)	$ (136,559)	$ (21,528)	$ 148	451,225
Conversion of Class A-1, A-2 and A-3 common shares into common stock in connection with initial public offering (Note 10), shares		(97,209,436)	(45,262,340)	(5,510,085)	147,981,861
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions	331,989				$ 14	331,975
Issuance of common stock upon initial public offering, net of underwriting discounts and commissions, shares					13,620,054
Costs incurred in connection with initial public offering	(5,662)					(5,662)
Equity/Stock-based compensation expense	6,603					6,603
Net income (loss)	(8,292)						(8,292)
Balance, shares at Sep. 30, 2021		0	0	0
Balance, common, shares at Sep. 30, 2021					161,601,915
Balances at Sep. 30, 2021	$ 755,144				$ 162	$ 784,141	$ (29,159)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Cash flows from operating activities:
Net loss	$ (8,292)	$ (8,018)	$ (6,858)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense		13,620	12,499
Stock/equity-based compensation expense		7,163	472
Contingent consideration net expense	1,157	1,370
Deferred income taxes		(623)	(2,918)
Loss on disposal of property and equipment		43
Non-cash interest expense, including loss on extinguishment of debt		4,066	2,978
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(3,194)	(580)
Accounts receivable, net		(2,195)	(2,877)
Unbilled receivables		(931)	(2,326)
Other assets		(484)	(202)
Accounts payable		3,622	567
Accrued expenses and other current liabilities		5,475	5,905
Deferred revenue		1,142	648
Other long-term liabilities		(702)	2,679
Net cash provided by operating activities		20,354	9,987
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired			(25,518)
Purchases of property and equipment, including costs capitalized for development of internal-use software		(3,190)	(3,903)
Net cash used in investing activities		(3,190)	(29,421)
Cash flows from financing activities:
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions		331,989
Proceeds from issuance of common stock to General Atlantic (IC), L.P. in connection with the Corporate Conversion (Note 10)		43,236
Payment to settle fractional shares related to Class A-2 shareholders in connection with the Corporate Conversion (Note 10)		(43,236)
Proceeds from issuance of long-term debt			31,250
Repayment of long-term debt		(114,174)
Payment of debt issuance costs		(747)
Payment of debt extinguishment costs		(90)
Payments of related party notes		(5,900)
Payments of contingent consideration		(1,868)	(1,500)
Proceeds from exercise of stock/equity-based options		1,063	3,451
Repurchase and retirement of common shares		(51)
Payment of initial public offering costs		(2,912)
Net cash provided by financing activities		207,310	33,201
Net increase in cash, cash equivalents and restricted cash		224,474	13,767
Cash, cash equivalents and restricted cash at beginning of period		29,650	6,184
Cash, cash equivalents and restricted cash at end of period	254,124	254,124	19,951
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	253,824	253,824	19,651
Restricted cash within other assets	$ 300	$ 300	$ 300
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets Noncurrent	Other Assets Noncurrent	Other Assets Noncurrent
Total cash, cash equivalents, and restricted cash	$ 254,124	$ 254,124	$ 19,951
Supplemental cash flow information:
Cash paid for interest		5,310	4,302
Cash paid for taxes		35
Supplemental disclosure of non-cash investing and financing activities:
Additions to property and equipment included in accounts payable and accrued expenses		187
Deferred initial public offering costs included in accrued expenses		2,750
Debt issuance costs included in accrued expenses		$ 450
Fair value of contingent consideration recorded in purchase accounting			$ 4,608

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation EngageSmart, Inc. and its subsidiaries (together referred to herein as the “Company” or “EngageSmart”) is a leading provider of vertically tailored customer engagement software and integrated payments solutions. EngageSmart offers single instance, multi-tenant, true Software-as-a-Service (“SaaS”) vertical solutions, including SimplePractice, InvoiceCloud, HealthPay24 and DonorDrive, that are designed to simplify our customers' engagement with their clients by driving digital adoption and self-service. The Company serves customers across five core verticals: Health & Wellness, Government, Utilities, Financial Services, and Giving. EngageSmart solutions are purpose-built for each vertical it serves, including end-to-end business management software, customer engagement applications, and billing and payment solutions. EngageSmart is headquartered in Braintree, Massachusetts with additional locations throughout the United States. Initial Public Offering On September 27, 2021, the Company completed its initial public offering ("IPO"), in which the Company issued and sold 13,620,054 shares of common stock at a public offering price of $ 26.00 per share, including 620,054 shares issued upon the exercise of the underwriters' option to purchase additional shares. The Company raised net proceeds of $ 326.3 million, after deducting the underwriting discount of $ 22.1 million and offering expenses of $ 5.7 million. Additionally, certain existing shareholders sold an aggregate of 3,112,446 shares in the IPO at the same price, resulting in net proceeds to the selling stockholders of $ 75.9 million. On September 27, 2021, the Company used a portion of the net proceeds from its IPO to repay in full the outstanding borrowings of $ 114.2 million under its Credit Facilities, as defined below. Prior to the IPO, deferred offering costs, which consist of legal, accounting, consulting and other third-party fees that were directly associated with the IPO, were capitalized within other assets on the Company's unaudited condensed consolidated balance sheet. Upon the completion of the IPO, these costs were offset against the proceeds from the IPO and recorded as a reduction to additional paid-in capital. Following the Company's IPO, General Atlantic (IC), L.P. ("General Atlantic") controls more than 50 % of the combined voting power of its outstanding common stock, and the Company is considered a "controlled company" within the meaning of the corporate governance standards of the New York Stock Exchange ("NYSE"). Corporate Conversion Immediately prior to effectiveness of the Company’s IPO registration statement on Form S-1, EngageSmart, LLC, a Delaware limited liability company, converted into a Delaware corporation pursuant to a statutory conversion, which changed the Company’s name to EngageSmart, Inc. (“Corporate Conversion”). Refer to Note 10 - Stockholders' Equity for further discussion. Stock Split On September 10, 2021, the Company effected a 1-for- 3 forward stock split of its common shares. In connection with the forward stock split, each issued and outstanding common share, automatically and without action on the part of the holders, became three common shares. All share, per share and related information presented in the unaudited condensed consolidated financial statements and accompanying notes have been retroactively adjusted, where applicable, to reflect the impact of the forward stock split. Basis of Presentation EngageSmart, Inc., formerly EngageSmart, LLC prior to the Corporate Conversion, was formed on December 7, 2018 as Hancock Parent, LLC. On December 11, 2018, EngageSmart, LLC entered a series of arrangements to indirectly acquire, through its wholly-owned subsidiary Hancock Midco, LLC, 100 % of the equity interest in Invoice Cloud, Inc (the “InvoiceCloud Acquisition”). On February 11, 2019, Hancock Merger Sub, Inc., a transitory merger company of Hancock Midco, LLC, merged into InvoiceCloud, with InvoiceCloud continuing as the surviving corporation and a wholly-owned subsidiary of Hancock Midco, LLC. For all of the periods reported in these unaudited condensed consolidated financial statements, the Company has not and does not have any material operations on a standalone basis, and all of the material operations of the Company are carried out by its subsidiaries. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions between the Company and its subsidiaries have been eliminated in consolidation. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, included in the Company's final prospectus for the fiscal year ended December 31, 2020, as filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b) under the Securities Act of 1933, on September 24, 2021 (“Final Prospectus”). In the opinion of management, the interim unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the Company’s financial position for the periods presented. The results for the interim periods presented are not necessarily indicative of future results. Impact of the COVID-19 Pandemic The Company is subject to risks and uncertainties relating to the ongoing outbreak of the novel strain of coronavirus (“COVID-19”), which the World Health Organization declared a pandemic in March 2020. The COVID-19 pandemic has continued to spread throughout the United States and the world and has resulted in authorities implementing numerous measures to contain the virus, including travel bans and restrictions, quarantines, shelter-in-place orders, and business limitations and shutdowns. Work-from-home and other measures have introduced additional operational risks, including cybersecurity risks, and may adversely affect the way the Company and its customers and insurance providers conduct business. In response to the COVID-19 pandemic, the Company limited c orporate travel and reduced certain professional services. In addition, the Company implemented remote working capabilities and measures that focused on the safety of its employees. The Company continues to monitor the rapidly evolving conditions and circumstances as well as guidance from international and domestic authorities, including public health authorities. The Company does not currently foresee the need to take additional actions, however it continues to evaluate the ongoing impact of COVID-19 as facts and circumstances change. The COVID-19 pandemic has not had a material effect on the Company’s revenues and financial results during the periods presented in the financial statements, although the magnitude and duration of the ultimate effects as a result of the COVID-19 pandemic are not possible to predict at this time.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are discussed in Note 2—Summary of Significant Accounting Policies within the notes to consolidated financial statements for the year ended December 31, 2020, included in the Company's Final Prospectus. There have been no significant changes to these policies during the nine months ended September 30, 2021, except as noted below. Risk of Concentrations of Credit and Significant Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. At times, the Company may maintain cash balances in excess of federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue or accounts receivable during any period presented herein. During the nine months ended September 30, 2021 and 2020, no customer accounted for 10 % or more of revenue. As of September 30, 2021, the Company had one customer that accounted for more than 10 % of its accounts receivable balance. As of December 31, 2020, no customer accounted for 10 % or more of accounts receivable. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. In general, lease arrangements exceeding a twelve-month term must be recognized as assets and liabilities on the balance sheet. Under ASU 2016-02, a right of use asset and lease obligation is recorded for all leases, whether operating or financing, while the income statement reflects lease expense for operating leases and amortization/interest expense for financing leases. The FASB also issued ASU 2018-10, Codification Improvements to Topic 842 Leases , and ASU 2018-11, Targeted Improvements to Topic 842 Leases , which allows the new lease standard to be applied as of the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings rather than retroactive restatement of all periods presented. In June 2020, the FASB issued ASU No. 2020-05, which grants a one-year effective-date delay for nonpublic entities to annual reporting periods beginning after December 15, 2021 and to interim periods within fiscal years beginning after December 15, 2022. Early adoption continues to be permitted. The Company will adopt the new standard effective January 1, 2022 on a modified retrospective basis and will not restate comparative periods. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes may result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For public entities that are Securities and Exchange Commission filers, excluding entities eligible to be smaller reporting companies, ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt the new standard effective January 1, 2022. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (Topic 740) . The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles as well as clarifying and amending existing guidance to improve consistent application. For public entities the guidance was effective for annual reporting periods beginning after December 15, 2020 and for interim periods within those fiscal years. For non-public entities, the guidance is effective for annual reporting periods beginning after December 15, 2021 and for interim periods within years beginning after December 15, 2022, with early adoption permitted. Depending on the amendment, adoption may be applied on the retrospective, modified retrospective, or prospective basis. The Company plans to adopt the new standard effective January 1, 2022. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which intends to address accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The amendments within ASU 2020-04 provide operational expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions to affected by reference rate reform if certain criteria are met. The amendments within ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The amendments in ASC 2020-04 are effective immediately and may be applied through December 31, 2022. As there are no current borrowings under the New Revolving Credit Facility, as defined below, there is currently no impact related to the adoption of ASU 2020-04. If the Company draws down on the New Revolving Credit Facility, the Company will assess the impact of the adoption of this guidance on its consolidated financial statements.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2021
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue Revenue Disaggregated The Company disaggregates revenue from contracts with customers by reportable segment, as the Company believes it best depicts how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors and is consistent with the manner in which the Company operates the business. The Company generates a significant majority of its revenue in the Enterprise Solutions segment from transaction and usage-based revenue and a significant majority of its revenue in the SMB Solutions segment from subscription revenue. Refer to Note 16—Segment and Geographic Information for the table that depicts disaggregated revenue by segment. Contract Assets and Liabilities Contract assets are rights to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets are transferred to accounts receivable once the rights become unconditional. The Company did no t have contract assets as of September 30, 2021 or December 31, 2020. Contract liabilities (deferred revenue) primarily consist of billings and payments received in advance of revenue recognition. The Company primarily bills and collects payments from customers for its services in advance on a monthly, quarterly, or annual basis. Contract liabilities are recognized as revenue when services are performed and all other revenue recognition criteria have been met. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond twelve months of the balance sheet date are classified as non-current deferred revenue. Deferred revenue (current and non-current) was $ 5.9 million and $ 0.2 million as of September 30, 2021, respectively. Deferred revenue (current and non-current) was $ 4.8 million and $ 0.2 million as of December 31, 2020, respectively. During the nine months ended Septem ber 30, 2021, the Company recognized revenue of $ 4.7 million from the deferred revenue balance as of December 31, 2020. Remaining Performance Obligations ASC 606 requires disclosure of the aggregate amount of the transaction price allocated to unsatisfied performance obligations. As permitted by ASC 606, the Company has elected to exclude from this disclosure any contracts with an original duration of one year or less and any variable consideration that meets specified criteria. For contracts greater than one year in length, the Company’s most significant performance obligations consist of variable consideration. Such variable consideration meets the specified criteria for the disclosure exclusion; therefore, the majority of the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied is variable consideration that is not required for this disclosure.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share	4. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted net loss per share is calculated by dividing net loss by the sum of the weighted average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method. For the periods in which the Company incurs a net loss, the effect of the Company’s outstanding common stock equivalents is not included in the calculation of diluted net loss per share as the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands, except share and per share amounts) Numerator: Net loss $ ( 8,292 ) $ ( 469 ) $ ( 8,018 ) $ ( 6,858 ) Denominator: Weighted average common shares outstanding, basic 149,031,242 145,900,628 148,200,589 145,155,933 Effect of potential dilutive common shares — — — — Weighted average common shares outstanding, diluted 149,031,242 145,900,628 148,200,589 145,155,933 Net loss per share, basic $ ( 0.06 ) $ ( 0.00 ) $ ( 0.05 ) $ ( 0.05 ) Net loss per share, diluted $ ( 0.06 ) $ ( 0.00 ) $ ( 0.05 ) $ ( 0.05 ) The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Options to purchase common shares 11,205,066 10,142,297 11,205,066 10,142,297 Unvested restricted stock units 288,455 — 288,455 — Total 11,493,521 10,142,297 11,493,521 10,142,297

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2021
Business Combination And Asset Acquisition [Abstract]
Acquisitions	5. Acquisitions 2020 Acquisitions Payment Service Network, Inc. On January 2, 2020, the Company consummated a stock purchase agreement with Payment Service Network, Inc. (“PSN”) and certain other parties to acquire 100 % of the outstanding equity interests of PSN for a purchase price of $ 24.6 million. PSN is a SaaS electronic billing and payment provider that provides online billing and end-user communication across multiple industries, including utilities and municipalities. The PSN acquisition was accounted for as a purchase of a business under ASC 805, Business Combinations (“ASC 805”) . Under the acquisition method of accounting, the assets and liabilities of PSN were recorded as of the acquisition date, at their respective fair values. The purchase consideration of $ 24.6 million reflected a net cash payment of $ 20.2 million, contingent consideration of $ 4.4 million representing the fair value of pot ential payments to the former shareholders of PSN, and a working capital adjustment of $ 0.1 million owed to the Company. The former shareholders of PSN are eligible to receive up to $ 6.5 million upon achievement of certain earnout targets. The Company recognized a contingent consideration liability equal to the acquisition date fair value of expected contingent payments. The Company remeasures the contingent consideration liability at each reporting period until the liability is fully settled and recognizes changes in fair value through contingent consideration net expense within the Company's unaudited condensed consolidated statements of operations and comprehensive loss. The Company uses a Monte Carlo simulation model in its estimates, and significant assumptions and estimates utilized in the model include the forecasted net recurring revenue, net recurring revenue volatility, and discount rate. During the nine months ended September 30, 2021 and 2020, the Company paid $ 1.9 million and $ 1.5 million, respectively, upon achievement of earnout targets. As of September 30, 2021 and December 31, 2020, the Company estimated the remaining fair value of the contingent consideration to be $ 2.9 million and $ 3.4 million, respectively. The final allocation of the purchase price was as follows (in thousands): Fair value of consideration transferred: Cash paid, net of cash acquired $ 20,213 Fair value of contingent consideration at acquisition 4,434 Working capital adjustment ( 52 ) Total purchase price consideration $ 24,595 Fair value of assets acquired and liabilities assumed: Unbilled receivables $ 1,040 Prepaid expenses and other current assets 183 Property and equipment 127 Customer relationships 6,563 Tradenames 356 Developed technology 2,732 Goodwill 17,447 Total assets acquired $ 28,448 Accounts payable ( 27 ) Accrued expenses and other current liabilities ( 1,303 ) Deferred revenue ( 104 ) Deferred income taxes ( 2,419 ) Net assets acquired $ 24,595 Customer relationships were valued using the income approach. Significant assumptions and estimates utilized in the model include the customer attrition rate and discount rate. The developed technology and tradename intangibles were valued using a relief from royalty method, which considers both the market approach and the income approach. Significant assumptions and estimates utilized in the model include the royalty and discount rates. Acquired intangible assets are amortized over their estimated useful lives based on the pattern of consumption of the economic benefits of the intangible asset or, if that pattern cannot be determined, on a straight-line basis. Goodwill was recognized for the excess purchase price over the fair value of the net assets acquired. Goodwill is primarily attributable to the workforce of the acquired business (which is not eligible for separate recognition as an identifiable intangible asset) and synergies expected to arise from the acquisition. Goodwill resulting from the acquisition of PSN is not deductible for tax purposes. The operating results of PSN have been included in the consolidated financial statements beginning on the acquisition date, and pro forma information has not been presented, as the operating results of PSN are not material. Acquisition-related costs related to the acquisition of PSN are not material for the periods presented. Track Your Hours, LLC On April 3, 2020, the Company consummated an equity purchase agreement with Track Your Hours, LLC (“TYH”) and its sole owner to acquire 100 % of the outstanding equity interests of TYH. TYH is a leading provider of software for tracking progress and hours for students and trainees who are in process of obtaining their licensure as marriage and family therapists, licensed clinical social workers, and licensed professional clinical counselors. The acquisition of TYH was accounted for as a purchase of a business under ASC 805. The total consideration for this acquisition was $ 5.5 million, comprised of $ 5.3 million of cash paid, net of cash acquired, and contingent consideration with a fair value of $ 0.2 million at the time of the acquisition. In allocating the total purchase consideration for this acquisition based on estimated fair values, the Company recorded goodwill of $ 3.2 million and identifiable intangible assets of $ 2.6 million. Goodwill is primarily attributable to future economic benefits expected to arise from the utilization of the intangible assets as well as the economic benefits expected from the workforce. Intangible assets acquired consisted of customer relationships valued using the income approach and developed technology and marketing relations valued using a relief from royalty method. Goodwill resulting from this acquisition is not deductible for tax purposes. The operating results of TYH have been included in the consolidated financial statements beginning on the acquisition date, and pro forma information has not been presented, as the operating results of TYH are not material. Acquisition-related costs related to the acquisition of TYH are not material for the periods presented.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The following tables present the Company’s fair value hierarchy for its assets and liabilities that were measured at fair value on a recurring basis (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents - money market funds $ 205,000 $ — $ — $ 205,000 Liabilities: Contingent consideration liability $ — $ — $ 2,867 $ 2,867 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents - money market funds $ 4,405 $ — $ — $ 4,405 Liabilities: Contingent consideration liability $ — $ — $ 3,365 $ 3,365 Money market funds held as of September 30, 2021 and December 31, 2020 were valued by the Company based on quoted market prices, which represent a Level 1 measurement within the fair value hierarchy. There were no transfers into or out of Level 3 during the periods presented. The Company’s recurring fair value measurements using Level 3 inputs relate to the Company’s contingent consideration liability, as the significant inputs to the valuation are not observable in the market. Changes in the fair value of the Company’s contingent consideration liability were as follows (in thousands): Balance as of December 31, 2020 $ 3,365 Payment of contingent consideration ( 1,868 ) Change in fair value 1,370 Balance as of September 30, 2021 $ 2,867 As of September 30, 2021, the maximum amount of future contingent consideration (undiscounted) that the Company could be required to pay associated with its prior acquisitions was $ 4.0 million.

Goodwill and Acquired Intangibl

Goodwill and Acquired Intangible Assets	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Acquired Intangible Assets	7. Goodwill and Acquired Intangible Assets The carrying amount of goodwill was $ 425.7 million as of September 30, 2021 and December 31, 2020, related to goodwill from the Company’s acquisitions. Changes in the carrying amount of goodwill by reportable segment through September 30, 2021 are as follows (in thousands): Enterprise Solutions SMB Solutions Total Balance as of December 31, 2020 $ 218,658 $ 207,019 $ 425,677 Goodwill acquired — — — Balance as of September 30, 2021 $ 218,658 $ 207,019 $ 425,677 Goodwill is not amortized, but instead is reviewed for impairment at least annually or more frequently when events and circumstances occur indicating that the recorded goodwill may be impaired. To date, the Company has had no impairments to goodwill. Acquired intangible assets of the Company consisted of the following (in thousands): September 30, 2021 Weighted Average Gross Carrying Value Accumulated Amortization Net Carrying Value (in years) Customer relationships 10.0 $ 82,841 $ ( 20,988 ) $ 61,853 Developed technology 7.0 42,913 ( 15,773 ) 27,140 Tradenames 5.0 5,824 ( 2,997 ) 2,827 $ 131,578 $ ( 39,758 ) $ 91,820 December 31, 2020 Weighted Average Gross Carrying Value Accumulated Amortization Net Carrying Value (in years) Customer relationships 10.0 $ 82,841 $ ( 14,775 ) $ 68,066 Developed technology 7.0 42,913 ( 11,160 ) 31,753 Tradenames 5.0 5,824 ( 2,123 ) 3,701 $ 131,578 $ ( 28,058 ) $ 103,520 The Company recorded amortization expense of $ 3.9 million for both the three months ended September 30, 2021 and 2020; and $ 11.7 million and $ 11.6 million during the nine months ended September 30, 2021 and 2020, respectively. Amortization of developed technology is recorded within cost of revenue, while amortization of customer relationships and tradenames is recorded within amortization of intangible assets within the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. Future estimated amortization expense of the Company’s intangible assets as of September 30, 2021 is expected to be as follows (in thousands): Remainder of 2021 $ 3,901 2022 15,601 2023 15,601 2024 14,640 2025 14,383 Thereafter 27,694 $ 91,820

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2021 2020 Accrued employee compensation and benefits $ 11,767 $ 7,073 Accrued consulting and professional fees 4,996 619 Accrued processing fees 2,633 1,101 Accrued channel partner fees 2,112 1,615 Accrued sales tax 468 2,019 Accrued interest payable 2 794 Accrued restructuring 302 565 Other 2,402 2,180 Total $ 24,682 $ 15,966

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Debt	9. Debt The Company's long-term debt consisted of the following (in thousands): December 31, 2020 Principal amount of long-term debt $ 111,671 Less: Current portion of long-term debt — Long-term debt, net of current portion 111,671 Less: Debt issuance costs, net of accretion ( 1,471 ) Long-term debt, net of debt issuance costs and current portion $ 110,200 As of September 30, 2021, the Company had no long-term debt outstanding. New Revolving Credit Facility On September 27, 2021, the Company entered into a revolving credit agreement (“New Revolving Credit Facility”) with JPMorgan Chase Bank, N.A. as administrative agent and certain other lenders. The New Revolving Credit Facility allows the Company to borrow up to $ 75.0 million, $ 7.5 million of which may be comprised of a letter of credit facility. The New Revolving Credit Facility will mature on September 27, 2026 and proceeds of the borrowings under the New Revolving Credit Facility will be used for general corporate purposes. In conjunction with the New Revolving Credit Facility, the Company incurred debt issuance costs in the amount of $ 1.2 million, which were recorded within other assets on the unaudited condensed consolidated balance sheets and are being amortized into interest expense over the life of the New Revolving Credit Facility. The New Revolving Credit Facility requires the Company to pay a commitment fee in respect of unused revolving credit facility commitments of 0.25 % per annum. The commitment fee is recorded as a component of interest expense within the Company's unaudited condensed consolidated statement of operations and comprehensive loss. As of September 30, 2021, the Company has not drawn upon the New Revolving Credit Facility. The New Revolving Credit Facility contains certain financial maintenance covenants, which require us to not exceed certain specified total net leverage ratios at the end of each fiscal quarter. As of September 30, 2021, the Company was in compliance with all financial covenants under the New Revolving Credit Facility. Credit Facilities On February 11, 2019, in connection with the InvoiceCloud Acquisition, the Company entered into a credit agreement (“Credit Agreement”) with Ares Capital Corporation as administrative agent and collateral agent, and certain other lenders, which provided for a $ 75.0 million aggregate principal amount senior secured term loan facility (“Initial Term Loan Facility”), a $ 35.0 million senior secured delayed draw term loan facility (“Delayed Draw Term Loan Facility”), and a $ 7.5 million senior secured revolving credit facility (“Revolving Credit Facility"). The Company collectively refers to the Initial Term Loan Facility, the Delayed Draw Term Loan Facility, and the Revolving Credit Facility as the Credit Facilities. On September 27, 2021, the Company used a portion of the net proceeds from its IPO to repay in full the outstanding borrowings of $ 114.2 million under the Credit Facilities. In connection with this repayment, the Company incurred a loss on debt extinguishment of $ 1.2 million, which is included within interest expense within the Company's unaudited condensed consolidated statement of operations and comprehensive loss. The loss on debt extinguishment primarily consists of a write-off of unamortized debt issuance costs associated with the Credit Facilities. The previous Credit Agreement provided for a Revolving Credit Facility with maximum available borrowings of $ 7.5 million. In September 2019, a letter of credit was issued related to one of the Company’s leases in the amount of $ 2.1 million which reduced the amount of borrowings available under the previously Revolving Credit Facility. As of September 27, 2021, the Credit Agreement, which included the Revolving Credit Facility, was terminated and the outstanding letter of credit was cash collateralized for $ 2.2 million.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2021
Stockholders Equity Note [Abstract]
Stockholders' Equity	10. Stockholders' Equity Initial Public Offering On September 27, 2021, the Company completed its IPO, in which the Company issued and sold 13,620,054 shares of common stock at a public offering price of $ 26.00 per share, including 620,054 shares issued upon the exercise of the underwriters' option to purchase additional shares. The Company raised net proceeds of $ 326.3 million after deducting the underwriting discounts of $ 22.1 million and offering expenses of $ 5.7 million. Corporate Conversion Immediately prior to effectiveness of the Company’s IPO registration statement on Form S-1, EngageSmart, LLC, a Delaware limited liability company, converted into a Delaware corporation pursuant to a statutory conversion, which changed the Company’s name to EngageSmart, Inc. (“Corporate Conversion”). As part of the Corporate Conversion, each Class A-1 share, Class A-2 share, and Class A-3 share, in each case, of EngageSmart, LLC was converted on a 1:1 basis into Class A-1 common stock, Class A-2 common stock and Class A-3 common stock, in each case, of the Company, respectively, with the same rights and obligations that existed under the limited liability company agreement of EngageSmart, LLC (the “LLC Agreement”). Under the LLC Agreement, Class A-2 holders, were entitled to certain cash distributions that General Atlantic would have otherwise been entitled to receive if General Atlantic had received a pre-established dollar threshold in connection with and/or following certain exit events (“CVR Obligation”). Following the Corporate Conversion, each share of (i) Class A-1 common stock was reclassified into 0.9398 shares of common stock, (ii) Class A-2 common stock was reclassified into 1.1102 shares of common stock, and (iii) Class A-3 common stock was reclassified into 1 share of common stock (collectively, the “Common Stock Reclassifications”). The conversion ratio for each Common Stock Reclassification reflected the difference in value of the shares as a result of the CVR Obligation. Pursuant to the Company’s amended and restated certificate of incorporation, no fractional shares resulting from the conversion of Class A-2 common stock to common stock were to be issued and, in lieu of the fractional shares, each holder of Class A-2 common stock who would otherwise be entitled to fractional shares were entitled to an amount in cash (the “Fractional Share Payout”). Following the Common Stock Reclassifications, General Atlantic, the sole former holder of Class A-1 common stock (which were formerly Class A-1 shares of EngageSmart, LLC) subscribed for 1,662,917 additional shares of common stock in the Company, with the value of each share based on the public offering price of the shares of common stock sold by the Company in the IPO. As consideration for the additional shares of common stock, General Atlantic contributed capital to the Company in an amount equal to $ 43.2 million in order for the Company to satisfy its obligation in full for the Fractional Share Payout. The Fractional Share Payout settled the former CVR Obligation of the Company under the LLC Agreement. Additionally, certain of our executive officers and other employees, among others, currently hold CVR Units, under the CVR Plan, as defined in Note 13 - Commitments and Contingencies . The CVR Plan was amended to reflect the Corporate Conversion and the CVR Units will otherwise remain subject to the same terms and conditions applicable to the CVR Units immediately prior to the Company’s IPO. Following the Common Stock Reclassifications, General Atlantic subscribed for 288,344 additional shares of common stock in the Company, with the value of each share based on the public offering price of the shares of common stock sold by the Company in the IPO. As consideration for the additional shares of common stock, General Atlantic entered into a promissory note with the Company which requires General Atlantic to make a capital contribution to the Company equal to the amount of any payments made by the Company to holders of CVR Units pursuant to the CVR Plan, which such payments would be triggered by the same exit events specified under the LLC Agreement. Stock Split On September 10, 2021, the Company effected a 1-for- 3 forward stock split of its common shares. In connection with the forward stock split, each issued and outstanding common share, automatically became three common shares. Preferred Stock In connection with the Company's IPO in September 2021, the Company's amended and restated certificate of incorporation and amended and restated bylaws became effective, which authorized the issuance of 10,000,000 shares of preferred stock with a par value of $ 0.001 with rights and preferences, including voting rights, designated from time to time by the Board of Directors. As of September 30, 2021, no shares of preferred stock were issued or outstanding. Common Stock In connection with the Company's IPO in September 2021, the Company's amended and restated certificate of incorporation and amended and restated bylaws became effective, with authorized the issuance of 650,000,000 shares of common stock with a par value of $ 0.001 . As of September 30, 2021, there were 161,601,915 shares of common stock issued and outstanding.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	11. Stock-based Compensation 2021 Incentive Award Plan In September 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (“2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for granting stock options, including incentive stock options ("ISOs"), nonqualified stock options ("NSOs"), restricted stock, dividend equivalents, restricted stock units ("RSUs"), other stock-based awards, and cash awards to eligible employees, consultants and directors. A total of 14,798,186 shares of the Company’s common stock have been reserved for issuance under the 2021 Plan. The number of shares initially available for issuance will be increased annually on January 1 of each calendar year beginning in 2022 and ending in 2031, equal to the lesser of (i) 5 % of the shares of our common stock outstanding on the final day of the immediately preceding calendar year or (ii) a smaller number of shares as determined by our Board of Directors. As of September 30, 2021, there were 14,509,731 remaining shares available for the Company to grant under the 2021 Plan. The Company’s Amended and Restated 2015 Stock Option Plan ("2015 Plan”) provided for the granting of ISOs and NSOs to the Company's employees, consultants, and nonemployee directors. In conjunction with the effectiveness of the 2021 Plan, the Company’s Board of Directors voted that no further awards would be granted under the 2015 Plan but any awards under the 2015 Plan that are outstanding as of the date of the IPO shall remain outstanding and continue to be subject to the terms and conditions of the 2015 Plan. Stock-based awards granted to employees generally vest over a four-year period, and, in the case of stock options, expire ten years from the date of grant. 2021 Employee Stock Purchase Plan In September 2021, the Company’s Board of Directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan (“2021 ESPP”) , which became effective in connection with the IPO. The 2021 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 2,219,728 shares of the Company’s common stock have been reserved for future issuance under the 2021 ESPP. T he number of shares available for issuance under the 2021 ESPP will be annually increased on January 1 of each calendar year beginning in 2022 and ending in 2031, by an amount equal to the lesser of: (i) 1 % of the aggregate number of shares of our common stock outstanding on the final day of the immediately preceding calendar year or (ii) such smaller number of shares as is determined by our Board of Directors. As of September 30, 2021, the Company has not commenced any offering period under the 2021 ESPP. Stock Options The Company estimates the fair value of stock options granted using the Black-Scholes option-pricing model, which requires the input of subjective assumptions, including the risk-free interest rate, expected volatility, expected dividend yield and expected term. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The Company estimates its expected share volatility based on the historical volatility of a publicly traded set of peer companies. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The expected term of the Company’s options has been determined based on the average of the vesting term and the contractual lives of all options awarded. The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of options granted: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fair value of common stock/shares $ 17.23 $ 3.65 $ 7.67 $ 3.05 Risk-free interest rate 1.2 % 0.5 % 1.2 % 0.5 % Expected volatility 28.9 % 26.9 % 27.3 % 26.7 % Expected dividend yield — — — — Expected term (in years) 7.3 8.1 9.3 8.1 The following table summarizes the Company’s option activity for the nine months ended September 30, 2021: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2020 9,333,218 $ 2.72 8.41 $ 16,882 Granted 3,005,910 8.58 Exercised ( 573,726 ) 1.86 Forfeited ( 560,336 ) 4.37 Outstanding as of September 30, 2021 11,205,066 $ 4.26 8.25 $ 333,965 Options exercisable as of September 30, 2021 3,990,681 $ 2.47 7.27 $ 126,081 The aggregate intrinsic value of options represents the difference between the exercise price of the options and the fair value of the Company's common stock. The total intrinsic value of options exercised during the three months ended September 30, 2021 and 2020 was $ 1.5 million and $ 0.7 million, respectively. The total intrinsic value of options exercised during the nine months ended September 30, 2021 and 2020 was $ 3.3 million and $ 6.2 million, respectively. The weighted average grant date fair value per share of options granted during the three months ended September 30, 2021 and 2020, was $ 5.59 , and $ 1.20 , respectively. The weighted average grant date fair value per share of options granted during the nine months ended September 30, 2021 and 2020, was $ 2.39 , and $ 0.82 , respectively. As of September 30, 2021, there was $ 17.3 million of unrecognized stock-based compensation expense related to unvested stock options that is expected to be recognized over a weighted-average period of 2.8 years. Restricted Stock Units The Company recognize stock-based compensation expense over the vesting term of restricted stock units. The fair value is measured based upon the number of units and the closing price of the Company’s common stock underlying such units on the dates of grant. Upon vesting and settlement, each restricted stock unit entitles the holder to receive one share of common stock. The following table summarizes the Company's restricted stock unit activity for the nine months ended September 30, 2021: Weighted Average Number Grant Date of Shares Fair Value Outstanding as of December 31, 2020 — $ - Granted 288,455 26.00 Exercised — — Forfeited — — Outstanding as of September 30, 2021 288,455 $ 26.00 As of September 30, 2021, there was $ 7.5 million of unrecognized stock-based compensation expense related to unvested restricted stock units that is expected to be recognized over a weighted-average period of 3.9 years. Stock-based Compensation Expense Stock-based compensation expense is reflected in the unaudited condensed consolidated statement of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue $ 152 $ 4 $ 160 $ 11 General and administrative 5,738 133 6,192 384 Selling and marketing 506 20 569 60 Research and development 207 9 242 17 Total $ 6,603 $ 166 $ 7,163 $ 472 Award Modification and Acceleration of Expense In June 2021, the Company entered into an amended employment agreement with an employee. Under the terms of the amended agreement, the employee would continue to vest in his outstanding equity awards, despite changes to his day to day responsibilities over time. As a result of the employment change, certain awards were considered to be modified in accordance with ASC 718, Compensation- Stock Compensation. This resulted in a $ 12.1 million increase in unamortized stock-based compensation expense, which will be recognized over the remaining weighted-average period of the modified awards of 2.6 years. Upon the Company's IPO in September 2021, as specified in the 2015 Plan, all awards with performance-based vesting conditions converted into awards with service-based vesting, with vesting measured from each awards' respective grant date. During the third quarter of 2021, the Company recognized $ 5.7 million of accelerated stock-based compensation expense related to awards with performance-based vesting conditions that converted into service-based vesting, of which $ 3.6 million related to the above mentioned modified awards.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The Company's effective income tax rates were 7.5 % and 28.3 % for the three months ended September 30, 2021 and 2020, respectively. The Company's effective income tax rates were 7.2 % and 29.8 % for the nine months ended September 30, 2021 and 2020, respectively. The effective tax rates for the three and nine months ended September 30, 2021 were lower than the statutory rate of 21.0 % due to stock-based compensation adjustments, acquisition earnout payments, and other permanent items. The effective tax rates for the three and nine months ended September 30, 2020 were higher than the statutory rate of 21.0 % due to the impact of state income taxes, as well as permanent adjustments and excess benefits from stock-based compensation.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Operating Leases The Company is party to various non-cancellable operating leases that expire at varying dates through November 2030 . As of September 30, 2021 and December 30, 2020, the Company maintains a letter of credit for a security deposit of $ 2.1 million in conjunction with one of its leases. On September 27, 2021, the Credit Agreement, which included the Revolving Credit Facility, was terminated and the outstanding letter of credit was cash collateralized for $ 2.2 million (Refer to Note 9 – Debt ). The Company has a seven-year operating lease for office space in Los Angeles, California, entered into in 2018. In July 2020, the Company abandoned the office space. Refer to Note 14 – Restructuring for additional information regarding the restructuring charge and liability associated with exiting this office location. The Company’s lease agreements may include lease incentives, payment escalations, and rent holidays, which are accrued or deferred as appropriate, such that rent expense for each lease is recognized on a straight-line basis over the respective term of occupancy. As of September 30, 2021 and December 31, 2020, the Company had deferred rent of $ 4.4 million and $ 1.7 million, respectively. The short-term portion of the deferred rent is included within accrued expenses and other currently liabilities and the long-term portion is included within other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. Rent expense for the three months ended September 30, 2021 and 2020, was $ 0.8 million and $ 1.1 million, respectively. Rent expense for the nine months ended September 30, 2021 and 2020, was $ 3.1 million and $ 2.8 million, respectively. Rent expense was recorded within cost of revenue, general and administrative, selling and marketing and research and development expense lines in the Company’s unaudited condensed consolidated statement of operations. Future minimum payments under operating leases as of September 30, 2021 are as follows (in thousands): Remainder of 2021 $ 1,249 2022 5,476 2023 5,592 2024 5,334 2025 4,358 Thereafter 18,776 $ 40,785 As of September 30, 2021, the Company subleased certain office space to third parties, for which sublease income will offset the future lease payments in the table above. Total sublease income under contractual terms is $ 2.2 million, with both the sublease and related underlying lease expiring in May 2025 . Other Non-Cancellable Commitments As of September 30, 2021, the Company had non-cancellable commitments to vendors primarily consisting of subscriptions to third party software products. Obligations under contracts that are cancellable or with a remaining term of 12 months or less are not included. As of September 30, 2021, future minimum payments under other non-cancellable agreements were $ 1.7 million, of which $ 0.3 million, $ 0.7 million, $ 0.5 million and $ 0.2 million are expected to be paid by December 31, 2021, 2022, 2023 and 2024, respectively. Contingent Value Payments In connection with the InvoiceCloud Acquisition, a CVR Bonus Award Plan (“CVR Plan”) was established for the benefit of option holders as of February 11, 2019, in the event that holders of the Company’s Class A-1 common shares receive cash distributions in connection with an Exit Event of at least $ 889.1 million (the “Performance Threshold”). Certain of our executive officers and other employees, among others, currently hold CVR Unit Awards, under the CVR Plan, which we refer to as CVR Units. Subject to the achievement of the Performance Threshold, CVR Units entitle the holder, subject generally to the holder’s continued employment through the date of payment, to a pro-rata portion of a bonus pool (based on a participant’s share of CVR Units held). The maximum amount of this bonus pool was capped at $ 9.5 million, of which, $ 7.5 million remains outstanding as of September 30, 2021. No compensation expense has been recognized in relation to the CVR Plan as the Company has determined that an Exit Event is not probable as of September 30, 2021. In connection with the Company’s IPO, the CVR Plan was amended to reflect the Corporate Conversion (refer to Note 10 - Stockholders' Equity ) and the CVR Units will remain subject to the same terms and conditions applicable immediately prior to the Company’s IPO. Following the Common Stock Reclassifications, General Atlantic subscribed and received 288,344 additional shares of common stock in the Company, with the value of each share based on the public offering price of the shares of common stock sold by the Company in the IPO. As consideration for the additional shares of common stock, General Atlantic entered into a promissory note with the Company, which requires General Atlantic to make a capital contribution to the Company equal to the amount of any future payments to be made by the Company to holders of CVR Units pursuant to the CVR Plan, which such payments would be triggered by the same exit events specified under the LLC Agreement. In the event the CVR Units are forfeited or the Performance Threshold is not met, General Atlantic will not be required to make any payments under the promissory note and will keep the shares issued. Indemnification Agreements In the normal course of business, the Company may provide indemnification of varying scope and terms to third parties and may enter into commitments and guarantees (“Agreements”) under which it may be required to make payments. The duration of these Agreements varies, and in certain cases, may be indefinite with no limit to the Company’s maximum potential payment exposure. In addition, the Company has obligations with certain members of its board of directors and certain executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its unaudited condensed consolidated financial statements as of September 30, 2021 and December 31, 2020, respectively. Legal Proceedings The Company is from time to time subject to various other legal proceedings and claims, either asserted or unasserted, which arise in the ordinary course of business. The Company routinely assesses its current litigation and/or threatened litigation as to the probability of ultimately incurring a liability and records its best estimate of the ultimate loss if reasonably possible to estimate, in situations where the Company assesses the likelihood of loss as probable. While the outcome of these claims cannot be predicted with certainty, the Company believes that these pending or threatened legal proceeding or claims could not have a material impact on the Company’s unaudited condensed consolidated financial statements.

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2021
Restructuring And Related Activities [Abstract]
Restructuring	14. Restructuring In July 2020, the Company relocated certain of its operations and incurred an initial restructuring charge of $ 2.4 million related to abandoning office space in Los Angeles, California. During the nine months ended September 30, 2021, Company recorded a $ 0.2 million reversal in restructuring expense related to a change in the present value of future sublease income, due to the execution of a sublease agreement in August 2021. This reversal in expense was recorded within restructuring charges in the Company’s unaudited condensed consolidated statement of operations and comprehensive loss. The following table summarizes the restructuring activity for the nine months ended September 30, 2021 (in thousands): Facility Related Costs Accrued restructuring as of December 31, 2020 $ 2,252 Charges ( 241 ) Cash payments ( 825 ) Other 41 Accrued restructuring as of September 30, 2021 $ 1,227 As of September 30, 2021, the remaining restructuring liability was $ 1.2 million, of which $ 0.3 million was included within accrued expenses and other current liabilities and $ 0.9 million was included within other long-term liabilities within the Company’s unaudited condensed consolidated balance sheets. The restructuring liability will be reduced by net cash payments required under the original term of the lease, through the remaining term of the lease, which expires in May 2025 .

Related Parties

Related Parties	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Related Parties	15. Related Parties In 2019, the Company assumed unsecured notes payable in the aggregate amount of $ 3.0 million (the “GC Notes”) and $ 2.9 million (“IVR Note”), respectively, with two individuals that are former shareholders, one of which is a former employee and the other is a current employee of Global Cloud, Ltd. (“GC”) and individuals that are former shareholders and former employees of IVR Technologies Group, LLC (“IVR”), respectively. The GC Notes and IVR Note bore interest at a rate of 7 % and 8 % per annum, respectively, and required interest-only payments with the outstanding principal amount and any accrued but unpaid interest due on the maturity date of March 12, 2021 and January 16, 2021 , respectively. During the nine months ended September 30, 2021, the Company repaid in full the outstanding principal balance of the GC Notes and IVR Note, which totaled $ 5.9 million. These amounts are disclosed within cash flows from financing activities within the unaudited condensed consolidated statements of cash flows. Within its unaudited condensed consolidated statements of operations and comprehensive loss, the Company recognized interest expense related to the GC Notes and IVR Note of less than $ 0.1 million and $ 0.3 million during the nine months ended September 30, 2021 and 2020, respectively. The Company made cash interest payments related to the GC Notes and IVR Note of $ 0.2 million and $ 0.3 million during the nine months ended September 30, 2021 and 2020, respectively. As of December 31, 2020, the Company had recorded accrued interest payable of $ 0.1 million related to the GC Notes and IVR Note.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Segment and Geographic Information	16. Segment and Geographic Information Segment Information The Company has determined that its chief executive officer is its chief operating decision maker (“CODM”) and the Company is organized into two reportable segments: Enterprise Solutions and SMB Solutions. The reportable segments were determined based on how the CODM reviews business performance and makes decisions about resources to be allocated. The Enterprise Solutions segment is primarily engaged in providing SaaS solutions that simplify customer-client engagement primarily through electronic billing and digital payments. Enterprise solutions are built to address the unique needs of specific verticals: Health & Wellness, Government, Utilities, Financial Services, and Giving. For the Enterprise Solutions segment, the Company integrates directly with its customers’ core software systems and utilizes a partner-assisted direct sales model for purposes of its go-to-market strategy. For the nine months ended September 30, 2021, this segment generated 50 % of total revenue. The SMB Solutions segment is primarily engaged in providing end-to-end practice management solutions geared toward the wellness industry. For the SMB Solutions segment, the Company primarily relies on a free-trial to paid customer sales model and generates interest for its offerings through a combination of search engine optimization, word-of-mouth, paid customer referrals, and search engine marketing. For the nine months ended September 30, 2021, this segment generated 50 % of total revenue. The CODM evaluates segment operating performance using revenue and Adjusted EBITDA, as defined below, from reportable segments to make resource allocation decisions and evaluate segment performance. Adjusted EBITDA assists management in comparing the Company’s performance on a consistent basis for purposes of business decision-making. The Company defines Adjusted EBITDA as net loss excluding interest expense, net; benefit for income taxes; depreciation; and amortization of intangible assets, as further adjusted for transaction-related expenses, fair value adjustment of acquired deferred revenue, stock/equity-based compensation, and restructuring charges. Adjusted EBITDA from reportable segments excludes unallocated corporate costs which are primarily comprised of costs for accounting, finance, legal, human resources and costs for certain executives supporting overall business strategy and execution. The following table sets forth the revenue and Adjusted EBITDA results attributable to each reportable segment and includes a reconciliation of the totals reported for the reportable segments to the applicable line items in the Company’s accompanying unaudited condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue Enterprise Solutions $ 27,277 $ 21,771 $ 76,991 $ 59,039 SMB Solutions 28,216 17,255 77,673 42,521 Total revenue 55,493 39,026 154,664 101,560 Adjusted EBITDA Enterprise Solutions 3,119 4,454 9,695 7,375 SMB Solutions 10,080 7,166 27,402 14,346 Total Adjusted EBITDA from reportable segments 13,199 11,620 37,097 21,721 Unallocated corporate expenses ( 4,527 ) ( 2,700 ) ( 12,742 ) ( 7,516 ) Total Adjusted EBITDA 8,672 8,920 24,355 14,205 Reconciling items: Interest expense, net ( 3,486 ) ( 2,390 ) ( 8,086 ) ( 7,498 ) Amortization of intangible assets ( 3,901 ) ( 3,900 ) ( 11,701 ) ( 11,623 ) Depreciation ( 933 ) ( 349 ) ( 1,919 ) ( 876 ) Transaction-related expenses ( 3,014 ) ( 176 ) ( 4,246 ) ( 634 ) Fair value adjustment of acquired deferred revenue ( 28 ) ( 159 ) ( 122 ) ( 444 ) Stock/equity-based compensation ( 6,603 ) ( 166 ) ( 7,163 ) ( 472 ) Restructuring charges 330 ( 2,434 ) 241 ( 2,434 ) Loss before income taxes ( 8,963 ) ( 654 ) ( 8,641 ) ( 9,776 ) Benefit for income taxes ( 671 ) ( 185 ) ( 623 ) ( 2,918 ) Net loss $ ( 8,292 ) $ ( 469 ) $ ( 8,018 ) $ ( 6,858 ) The Company’s CODM does not separately evaluate assets by segment, and therefore assets by segment are not presented. Geographic Information For the nine months ended September 30, 2021 and 2020, revenues by geographic region are not disclosed as revenue outside the United States does not exceed 10 % of total revenue. The Company does not disclose geographic information for long-lived assets as long-lived assets located outside the United States do not exceed 10 % of total assets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Risk of Concentrations of Credit and Significant Customers	Risk of Concentrations of Credit and Significant Customers Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. At times, the Company may maintain cash balances in excess of federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Significant customers are those that accounted for 10% or more of the Company’s total revenue or accounts receivable during any period presented herein. During the nine months ended September 30, 2021 and 2020, no customer accounted for 10 % or more of revenue. As of September 30, 2021, the Company had one customer that accounted for more than 10 % of its accounts receivable balance. As of December 31, 2020, no customer accounted for 10 % or more of accounts receivable.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which requires lessees to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. In general, lease arrangements exceeding a twelve-month term must be recognized as assets and liabilities on the balance sheet. Under ASU 2016-02, a right of use asset and lease obligation is recorded for all leases, whether operating or financing, while the income statement reflects lease expense for operating leases and amortization/interest expense for financing leases. The FASB also issued ASU 2018-10, Codification Improvements to Topic 842 Leases , and ASU 2018-11, Targeted Improvements to Topic 842 Leases , which allows the new lease standard to be applied as of the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings rather than retroactive restatement of all periods presented. In June 2020, the FASB issued ASU No. 2020-05, which grants a one-year effective-date delay for nonpublic entities to annual reporting periods beginning after December 15, 2021 and to interim periods within fiscal years beginning after December 15, 2022. Early adoption continues to be permitted. The Company will adopt the new standard effective January 1, 2022 on a modified retrospective basis and will not restate comparative periods. The Company is currently evaluating the impact that the adoption of ASU 2016-02 will have on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes may result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses , which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief (“ASU 2019-05”). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. For public entities that are Securities and Exchange Commission filers, excluding entities eligible to be smaller reporting companies, ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. For all other entities, ASU 2016-13 is effective for annual periods beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company plans to adopt the new standard effective January 1, 2022. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes—Simplifying the Accounting for Income Taxes (Topic 740) . The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles as well as clarifying and amending existing guidance to improve consistent application. For public entities the guidance was effective for annual reporting periods beginning after December 15, 2020 and for interim periods within those fiscal years. For non-public entities, the guidance is effective for annual reporting periods beginning after December 15, 2021 and for interim periods within years beginning after December 15, 2022, with early adoption permitted. Depending on the amendment, adoption may be applied on the retrospective, modified retrospective, or prospective basis. The Company plans to adopt the new standard effective January 1, 2022. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which intends to address accounting consequences that could result from the global markets’ anticipated transition away from the use of the London Interbank Offered Rate (“LIBOR”) and other interbank offered rates to alternative reference rates. The amendments within ASU 2020-04 provide operational expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions to affected by reference rate reform if certain criteria are met. The amendments within ASU 2020-04 apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of the reference rate reform. The amendments in ASC 2020-04 are effective immediately and may be applied through December 31, 2022. As there are no current borrowings under the New Revolving Credit Facility, as defined below, there is currently no impact related to the adoption of ASU 2020-04. If the Company draws down on the New Revolving Credit Facility, the Company will assess the impact of the adoption of this guidance on its consolidated financial statements.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands, except share and per share amounts) Numerator: Net loss $ ( 8,292 ) $ ( 469 ) $ ( 8,018 ) $ ( 6,858 ) Denominator: Weighted average common shares outstanding, basic 149,031,242 145,900,628 148,200,589 145,155,933 Effect of potential dilutive common shares — — — — Weighted average common shares outstanding, diluted 149,031,242 145,900,628 148,200,589 145,155,933 Net loss per share, basic $ ( 0.06 ) $ ( 0.00 ) $ ( 0.05 ) $ ( 0.05 ) Net loss per share, diluted $ ( 0.06 ) $ ( 0.00 ) $ ( 0.05 ) $ ( 0.05 )
Schedule of Common Shares Excluded from Computation of Diluted Net Loss Per Share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Options to purchase common shares 11,205,066 10,142,297 11,205,066 10,142,297 Unvested restricted stock units 288,455 — 288,455 — Total 11,493,521 10,142,297 11,493,521 10,142,297

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2021
Business Combination And Asset Acquisition [Abstract]
Schedule of Final Allocation of Purchase Price	The final allocation of the purchase price was as follows (in thousands): Fair value of consideration transferred: Cash paid, net of cash acquired $ 20,213 Fair value of contingent consideration at acquisition 4,434 Working capital adjustment ( 52 ) Total purchase price consideration $ 24,595 Fair value of assets acquired and liabilities assumed: Unbilled receivables $ 1,040 Prepaid expenses and other current assets 183 Property and equipment 127 Customer relationships 6,563 Tradenames 356 Developed technology 2,732 Goodwill 17,447 Total assets acquired $ 28,448 Accounts payable ( 27 ) Accrued expenses and other current liabilities ( 1,303 ) Deferred revenue ( 104 ) Deferred income taxes ( 2,419 ) Net assets acquired $ 24,595

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	The following tables present the Company’s fair value hierarchy for its assets and liabilities that were measured at fair value on a recurring basis (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Assets: Cash equivalents - money market funds $ 205,000 $ — $ — $ 205,000 Liabilities: Contingent consideration liability $ — $ — $ 2,867 $ 2,867 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents - money market funds $ 4,405 $ — $ — $ 4,405 Liabilities: Contingent consideration liability $ — $ — $ 3,365 $ 3,365
Changes in Fair Value of Contingent Consideration Liability	Changes in the fair value of the Company’s contingent consideration liability were as follows (in thousands): Balance as of December 31, 2020 $ 3,365 Payment of contingent consideration ( 1,868 ) Change in fair value 1,370 Balance as of September 30, 2021 $ 2,867

Goodwill and Acquired Intangi_2

Goodwill and Acquired Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment	Changes in the carrying amount of goodwill by reportable segment through September 30, 2021 are as follows (in thousands): Enterprise Solutions SMB Solutions Total Balance as of December 31, 2020 $ 218,658 $ 207,019 $ 425,677 Goodwill acquired — — — Balance as of September 30, 2021 $ 218,658 $ 207,019 $ 425,677
Schedule of Acquired Intangible Assets	Acquired intangible assets of the Company consisted of the following (in thousands): September 30, 2021 Weighted Average Gross Carrying Value Accumulated Amortization Net Carrying Value (in years) Customer relationships 10.0 $ 82,841 $ ( 20,988 ) $ 61,853 Developed technology 7.0 42,913 ( 15,773 ) 27,140 Tradenames 5.0 5,824 ( 2,997 ) 2,827 $ 131,578 $ ( 39,758 ) $ 91,820 December 31, 2020 Weighted Average Gross Carrying Value Accumulated Amortization Net Carrying Value (in years) Customer relationships 10.0 $ 82,841 $ ( 14,775 ) $ 68,066 Developed technology 7.0 42,913 ( 11,160 ) 31,753 Tradenames 5.0 5,824 ( 2,123 ) 3,701 $ 131,578 $ ( 28,058 ) $ 103,520
Schedule of Future Estimated Amortization Expense of Intangible Assets	Future estimated amortization expense of the Company’s intangible assets as of September 30, 2021 is expected to be as follows (in thousands): Remainder of 2021 $ 3,901 2022 15,601 2023 15,601 2024 14,640 2025 14,383 Thereafter 27,694 $ 91,820

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Payables And Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): September 30, December 31, 2021 2020 Accrued employee compensation and benefits $ 11,767 $ 7,073 Accrued consulting and professional fees 4,996 619 Accrued processing fees 2,633 1,101 Accrued channel partner fees 2,112 1,615 Accrued sales tax 468 2,019 Accrued interest payable 2 794 Accrued restructuring 302 565 Other 2,402 2,180 Total $ 24,682 $ 15,966

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	The Company's long-term debt consisted of the following (in thousands): December 31, 2020 Principal amount of long-term debt $ 111,671 Less: Current portion of long-term debt — Long-term debt, net of current portion 111,671 Less: Debt issuance costs, net of accretion ( 1,471 ) Long-term debt, net of debt issuance costs and current portion $ 110,200

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions	The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of options granted: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fair value of common stock/shares $ 17.23 $ 3.65 $ 7.67 $ 3.05 Risk-free interest rate 1.2 % 0.5 % 1.2 % 0.5 % Expected volatility 28.9 % 26.9 % 27.3 % 26.7 % Expected dividend yield — — — — Expected term (in years) 7.3 8.1 9.3 8.1
Schedule of Stock Option Activity	The following table summarizes the Company’s option activity for the nine months ended September 30, 2021: Weighted Weighted Average Average Remaining Aggregate Number Exercise Contractual Intrinsic of Shares Price Term Value (in years) (in thousands) Outstanding as of December 31, 2020 9,333,218 $ 2.72 8.41 $ 16,882 Granted 3,005,910 8.58 Exercised ( 573,726 ) 1.86 Forfeited ( 560,336 ) 4.37 Outstanding as of September 30, 2021 11,205,066 $ 4.26 8.25 $ 333,965 Options exercisable as of September 30, 2021 3,990,681 $ 2.47 7.27 $ 126,081
Summary of Restricted Stock Unit Activity	The following table summarizes the Company's restricted stock unit activity for the nine months ended September 30, 2021: Weighted Average Number Grant Date of Shares Fair Value Outstanding as of December 31, 2020 — $ - Granted 288,455 26.00 Exercised — — Forfeited — — Outstanding as of September 30, 2021 288,455 $ 26.00
Summary of Stock Based Compensation Expense	Stock-based compensation expense is reflected in the unaudited condensed consolidated statement of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenue $ 152 $ 4 $ 160 $ 11 General and administrative 5,738 133 6,192 384 Selling and marketing 506 20 569 60 Research and development 207 9 242 17 Total $ 6,603 $ 166 $ 7,163 $ 472

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Schedule of Future Minimum Payments under Operating Leases	Future minimum payments under operating leases as of September 30, 2021 are as follows (in thousands): Remainder of 2021 $ 1,249 2022 5,476 2023 5,592 2024 5,334 2025 4,358 Thereafter 18,776 $ 40,785

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 2021
Restructuring And Related Activities [Abstract]
Summary of Restructuring Activity	The following table summarizes the restructuring activity for the nine months ended September 30, 2021 (in thousands): Facility Related Costs Accrued restructuring as of December 31, 2020 $ 2,252 Charges ( 241 ) Cash payments ( 825 ) Other 41 Accrued restructuring as of September 30, 2021 $ 1,227

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Reconciliation of Revenue and Adjusted EBITDA for Reportable Segments	The following table sets forth the revenue and Adjusted EBITDA results attributable to each reportable segment and includes a reconciliation of the totals reported for the reportable segments to the applicable line items in the Company’s accompanying unaudited condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue Enterprise Solutions $ 27,277 $ 21,771 $ 76,991 $ 59,039 SMB Solutions 28,216 17,255 77,673 42,521 Total revenue 55,493 39,026 154,664 101,560 Adjusted EBITDA Enterprise Solutions 3,119 4,454 9,695 7,375 SMB Solutions 10,080 7,166 27,402 14,346 Total Adjusted EBITDA from reportable segments 13,199 11,620 37,097 21,721 Unallocated corporate expenses ( 4,527 ) ( 2,700 ) ( 12,742 ) ( 7,516 ) Total Adjusted EBITDA 8,672 8,920 24,355 14,205 Reconciling items: Interest expense, net ( 3,486 ) ( 2,390 ) ( 8,086 ) ( 7,498 ) Amortization of intangible assets ( 3,901 ) ( 3,900 ) ( 11,701 ) ( 11,623 ) Depreciation ( 933 ) ( 349 ) ( 1,919 ) ( 876 ) Transaction-related expenses ( 3,014 ) ( 176 ) ( 4,246 ) ( 634 ) Fair value adjustment of acquired deferred revenue ( 28 ) ( 159 ) ( 122 ) ( 444 ) Stock/equity-based compensation ( 6,603 ) ( 166 ) ( 7,163 ) ( 472 ) Restructuring charges 330 ( 2,434 ) 241 ( 2,434 ) Loss before income taxes ( 8,963 ) ( 654 ) ( 8,641 ) ( 9,776 ) Benefit for income taxes ( 671 ) ( 185 ) ( 623 ) ( 2,918 ) Net loss $ ( 8,292 ) $ ( 469 ) $ ( 8,018 ) $ ( 6,858 )

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands	Sep. 27, 2021USD ($)$ / sharesshares	Sep. 10, 2021	Sep. 30, 2021shares	Sep. 30, 2021USD ($)	Dec. 11, 2018
Subsidiary Sale Of Stock [Line Items]
Offering expenses				$ 2,912
Forward stock split, description				1-for-3
Forward stock split		0.3333
Invoice Cloud, Inc. | Hancock Midco, LLC.
Subsidiary Sale Of Stock [Line Items]
Equity interest percentage					100.00%
General Atlantic, L.P.
Subsidiary Sale Of Stock [Line Items]
Voting power	50.00%
Credit Facilities
Subsidiary Sale Of Stock [Line Items]
Repayments of outstanding borrowings	$ 114,200
Common Stock
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued and sold | shares			13,620,054
IPO
Subsidiary Sale Of Stock [Line Items]
Net proceeds	326,300
Underwriting discounts	22,100
Offering expenses	$ 5,700
IPO | Common Stock
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued and sold | shares	13,620,054
Share price per share | $ / shares	$ 26
Over Allotment Option | Common Stock
Subsidiary Sale Of Stock [Line Items]
Common stock shares issued and sold | shares	620,054
Existing Shareholders | Common Stock
Subsidiary Sale Of Stock [Line Items]
Sale of stock, shares issued | shares	3,112,446
Net proceeds	$ 75,900

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)Customer	Sep. 30, 2020Customer	Dec. 31, 2020Customer
New Revolving Credit Facility
Concentration Risk [Line Items]
Current borrowings | $	$ 0
Customer Concentration | Sales Revenue
Concentration Risk [Line Items]
Number of customers accounted for 10% or more	0	0
Concentration risk percentage	10.00%	10.00%
Credit Concentration | Accounts Receivable
Concentration Risk [Line Items]
Number of customers accounted for 10% or more	1		0
Concentration risk percentage	10.00%		10.00%

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Contract assets	$ 0	$ 0
Deferred revenue current	5,900,000	4,800,000
Deferred revenue, non-current	200,000	200,000
Deferred revenue, revenue recognized	$ 4,700,000
Deferred revenue balance		$ 4,700,000

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator:
Net income (loss)	$ (8,292)	$ (211)	$ 485	$ (469)	$ (2,964)	$ (3,425)	$ (8,018)	$ (6,858)
Denominator:
Weighted average common shares outstanding, basic	149,031,242			145,900,628			148,200,589	145,155,933
Weighted average common shares outstanding, diluted	149,031,242			145,900,628			148,200,589	145,155,933
Net loss per share, basic	$ (0.06)			$ 0			$ (0.05)	$ (0.05)
Net loss per share, diluted	$ (0.06)			$ 0			$ (0.05)	$ (0.05)

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Common Shares Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share	11,493,521	10,142,297	11,493,521	10,142,297
Options to Purchase Common Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share	11,205,066	10,142,297	11,205,066	10,142,297
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common shares excluded from computation of diluted net loss per share	288,455		288,455

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($)	Apr. 03, 2020	Jan. 02, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill			$ 425,677,000		$ 425,677,000
Identifiable intangible assets			91,820,000		103,520,000
Payment Service Network, Inc.
Business Acquisition [Line Items]
Business acquisition, percentage of outstanding equity interests acquired		100.00%
Purchase consideration		$ 24,595,000
Net cash payment		20,213,000
Fair value of contingent consideration at acquisition		4,434,000
Working capital adjustment		100,000
Payments upon achievement of earnout targets			1,900,000	$ 1,500,000
Contingent consideration, fair value			$ 2,900,000		$ 3,400,000
Goodwill		17,447,000
Payment Service Network, Inc. | Maximum
Business Acquisition [Line Items]
Consideration receivable by former shareholders upon achievement of earnout targets		$ 6,500,000
Track Your Hours, LLC
Business Acquisition [Line Items]
Business acquisition, percentage of outstanding equity interests acquired	100.00%
Purchase consideration	$ 5,500,000
Net cash payment	5,300,000
Fair value of contingent consideration at acquisition	200,000
Goodwill	3,200,000
Identifiable intangible assets	$ 2,600,000

Acquisitions - Schedule of Fina

Acquisitions - Schedule of Final Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Jan. 02, 2020	Sep. 30, 2021	Dec. 31, 2020
Fair value of assets acquired and liabilities assumed:
Goodwill		$ 425,677	$ 425,677
Payment Service Network, Inc.
Fair value of consideration transferred:
Cash paid, net of cash acquired	$ 20,213
Fair value of contingent consideration at acquisition	4,434
Working capital adjustment	(52)
Total purchase price consideration	24,595
Fair value of assets acquired and liabilities assumed:
Unbilled receivables	1,040
Prepaid expenses and other current assets	183
Property and equipment	127
Goodwill	17,447
Total assets acquired	28,448
Accounts payable	(27)
Accrued expenses and other current liabilities	(1,303)
Deferred revenue	(104)
Deferred income taxes	(2,419)
Net assets acquired	24,595
Customer Relationships | Payment Service Network, Inc.
Fair value of assets acquired and liabilities assumed:
Acquired intangible assets	6,563
Trade Names | Payment Service Network, Inc.
Fair value of assets acquired and liabilities assumed:
Acquired intangible assets	356
Developed Technology | Payment Service Network, Inc.
Fair value of assets acquired and liabilities assumed:
Acquired intangible assets	$ 2,732

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Liabilities:
Contingent consideration liability	$ 2,867	$ 3,365
Level 3
Liabilities:
Contingent consideration liability	2,867	3,365
Money Market Funds
Assets:
Cash equivalents - money market funds	205,000	4,405
Money Market Funds | Level 1
Assets:
Cash equivalents - money market funds	$ 205,000	$ 4,405

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Contingent Consideration Liability (Details) - Contingent Consideration Liability - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of December 31, 2020	$ 3,365
Payment of contingent consideration	(1,868)
Change in fair value	1,370
Balance as of September 30, 2021	$ 2,867

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Asset transfers into or out of Level 3	$ 0
Liabilities transfers into or out of Level 3	0
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Contingent consideration liability	$ 4,000,000

Goodwill and Acquired Intangi_3

Goodwill and Acquired Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		34 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	$ 425,677,000		$ 425,677,000		$ 425,677,000	$ 425,677,000
Amortization expense	$ 3,900,000	$ 3,900,000	$ 11,700,000	$ 11,600,000
Impairments to goodwill					$ 0

Goodwill and Acquired Intangi_4

Goodwill and Acquired Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Reportable Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Line Items]
Beginning balance	$ 425,677
Goodwill acquired	0
Ending balance	425,677
Enterprise Solutions
Goodwill [Line Items]
Beginning balance	218,658
Goodwill acquired	0
Ending balance	218,658
SMB Solutions
Goodwill [Line Items]
Beginning balance	207,019
Goodwill acquired	0
Ending balance	$ 207,019

Goodwill and Acquired Intangi_5

Goodwill and Acquired Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Gross Carrying Value	$ 131,578	$ 131,578
Accumulated Amortization	(39,758)	(28,058)
Net Carrying Value	$ 91,820	$ 103,520
Customer Relationships
Weighted Average Useful Life	10 years	10 years
Gross Carrying Value	$ 82,841	$ 82,841
Accumulated Amortization	(20,988)	(14,775)
Net Carrying Value	$ 61,853	$ 68,066
Developed Technology
Weighted Average Useful Life	7 years	7 years
Gross Carrying Value	$ 42,913	$ 42,913
Accumulated Amortization	(15,773)	(11,160)
Net Carrying Value	$ 27,140	$ 31,753
Trade Names
Weighted Average Useful Life	5 years	5 years
Gross Carrying Value	$ 5,824	$ 5,824
Accumulated Amortization	(2,997)	(2,123)
Net Carrying Value	$ 2,827	$ 3,701

Goodwill and Acquired Intangi_6

Goodwill and Acquired Intangible Assets - Schedule of Future Estimated Amortization Expense of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets Future Amortization Expense [Abstract]
Remainder of 2021	$ 3,901
2022	15,601
2023	15,601
2024	14,640
2025	14,383
Thereafter	27,694
Net Carrying Value	$ 91,820	$ 103,520

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued employee compensation and benefits	$ 11,767	$ 7,073
Accrued consulting and professional fees	4,996	619
Accrued processing fees	2,633	1,101
Accrued channel partner fees	2,112	1,615
Accrued sales tax	468	2,019
Accrued interest payable	2	794
Accrued restructuring	302	565
Other	2,402	2,180
Total	$ 24,682	$ 15,966

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Principal amount of long-term debt		$ 111,671,000
Long-term debt, net of current portion	$ 0	111,671,000
Less: Debt issuance costs, net of accretion		(1,471,000)
Long-term debt, net of debt issuance costs and current portion		$ 110,200,000

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Sep. 27, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2019	Feb. 11, 2019
Debt Instrument [Line Items]
Long-term debt outstanding		$ 0	$ 111,671,000
Senior secured revolving credit facility					$ 7,500,000
Outstanding letter of credit, cash collateralized	$ 2,200,000
Credit Facilities
Debt Instrument [Line Items]
Loss on debt extinguishment	(1,200,000)
Repayments of outstanding borrowings	114,200,000
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					7,500,000
Letter of Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings				$ 2,100,000
Letter of Credit Facility | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	7,500,000
Initial Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount					75,000,000
Delayed Draw Term Loan Facility
Debt Instrument [Line Items]
Aggregate principal amount					$ 35,000,000
New Revolving Credit Facility | JPMorgan Chase Bank, N.A.
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 75,000,000
Credit facility maturity date	Sep. 27, 2026
Credit facility commitment percentage	0.25%
Debt issuance costs	$ 1,200,000

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands	Sep. 27, 2021USD ($)$ / sharesshares	Sep. 10, 2021	Sep. 30, 2021$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020$ / sharesshares
Class Of Stock [Line Items]
Offering expenses | $				$ 2,912
Forward stock split, description				1-for-3
Forward stock split		0.3333
Preferred stock, shares authorized			10,000,000	10,000,000	0
Preferred stock, par value per share | $ / shares			$ 0.001	$ 0.001	$ 0.001
Preferred stock, shares issued			0	0	0
Preferred stock, shares outstanding			0	0	0
Common stock, shares authorized			650,000,000	650,000,000	0
Common stock, par value per share | $ / shares			$ 0.001	$ 0.001
Common stock, shares, issued			161,601,915	161,601,915	0
Common stock, shares, outstanding			161,601,915	161,601,915	0
General Atlantic, L.P.
Class Of Stock [Line Items]
Proceeds from capital contribution | $	$ 43,200
Class A-1 Common Shares
Class Of Stock [Line Items]
Stock conversion basis				1:1
Common stock reclassified				0.9398
Additional shares of common stock subscribed	1,662,917
Class A-2 Common Shares
Class Of Stock [Line Items]
Stock conversion basis				1:1
Common stock reclassified				1.1102
Class A-3 Common Shares
Class Of Stock [Line Items]
Stock conversion basis				1:1
Common stock reclassified				1
Common Stock
Class Of Stock [Line Items]
Common stock shares issued and sold			13,620,054
IPO
Class Of Stock [Line Items]
Net proceeds | $	$ 326,300
Underwriting discounts | $	22,100
Offering expenses | $	$ 5,700
IPO | General Atlantic, L.P.
Class Of Stock [Line Items]
Additional shares of common stock subscribed	288,344		288,344	288,344
IPO | Common Stock
Class Of Stock [Line Items]
Common stock shares issued and sold	13,620,054
Share price per share | $ / shares	$ 26
Over Allotment Option | Common Stock
Class Of Stock [Line Items]
Common stock shares issued and sold	620,054

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 17,300		$ 17,300		$ 17,300
Weighted average period over which unrecognized compensation is expected to be recognized					2 years 9 months 18 days
Stock based compensation expense			$ 6,603	$ 166	$ 7,163	$ 472
2021 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based awards granted to employees vesting period					4 years
Stock-based awards expired from date of grant					10 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)	2,219,728		2,219,728		2,219,728
Award Modification
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average period over which unrecognized compensation is expected to be recognized		2 years 7 months 6 days
Increase in unamortized stock-based compensation expense		$ 12,100
Award Modification | Performance-based Vesting
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense			$ 5,700
Award Modification | Service-based Vesting
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense			3,600
Common Stock | 2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of common stock outstanding	1.00%
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value per share of options granted					$ 26
Unrecognized stock-based compensation expense	$ 7,500		$ 7,500		$ 7,500
Weighted average period over which unrecognized compensation is expected to be recognized					3 years 10 months 24 days
Restricted Stock Units | Common Stock | 2021 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares of common stock reserved for future issuance (in shares)	14,798,186		14,798,186		14,798,186
Shares available to grant	14,509,731		14,509,731		14,509,731
Percentage of common stock outstanding					5.00%
Options to Purchase Common Shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options exercised			$ 1,500	$ 700	$ 3,300	$ 6,200
Weighted average grant date fair value per share of options granted			$ 5.59	$ 1.20	$ 2.39	$ 0.82

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Stock Option Grant Using Black-Scholes Option Pricing Model With Assumptions (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract]
Fair value of common stock/shares	$ 17.23	$ 3.65	$ 7.67	$ 3.05
Risk-free interest rate	1.20%	0.50%	1.20%	0.50%
Expected volatility	28.90%	26.90%	27.30%	26.70%
Expected term (in years)	7 years 3 months 18 days	8 years 1 month 6 days	9 years 3 months 18 days	8 years 1 month 6 days

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Beginning balance | shares	9,333,218
Granted | shares	3,005,910
Exercised | shares	(573,726)
Forfeited | shares	(560,336)
Ending balance | shares	11,205,066	9,333,218
Options exercisable | shares	3,990,681
Weighted average exercise price, Beginning balance | $ / shares	$ 2.72
Weighted average exercise price, granted | $ / shares	8.58
Weighted average exercise price, exercised | $ / shares	1.86
Weighted average exercise price, forfieted | $ / shares	4.37
Weighted average exercise price, Ending balance | $ / shares	4.26	$ 2.72
Weighted average exercise price, options exercisable | $ / shares	$ 2.47
Weighted average remaining contractual term (years), beginning		8 years 4 months 28 days
Weighted average remaining contractual term (years), ending	8 years 3 months
Weighted average remaining contractual term (years), options exercisable	7 years 3 months 7 days
Aggregate intrinsic value | $	$ 333,965	$ 16,882
Aggregate intrinsic value, options exercisable | $	$ 126,081

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Restricted of Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2021$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning balance	9,333,218
Granted	3,005,910
Exercised	(573,726)
Forfeited	(560,336)
Ending balance	11,205,066
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Granted	288,455
Ending balance	288,455
Weighted average grant date fair value per share of options granted | $ / shares	$ 26
Weighted-Average Grant Date Fair Value, ending | $ / shares	$ 26

Stock-based Compensation - Su_2

Stock-based Compensation - Summary of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	$ 6,603	$ 166	$ 7,163	$ 472
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	152	4	160	11
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	5,738	133	6,192	384
Selling and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	506	20	569	60
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock based compensation expense	$ 207	$ 9	$ 242	$ 17

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	7.50%	28.30%	7.20%	29.80%
Statutory rate	21.00%	21.00%	21.00%	21.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 27, 2021	Dec. 31, 2020	Feb. 11, 2019	Dec. 31, 2018
Loss Contingencies [Line Items]
Operating lease expiration, month and year			2030-11
Letter of credit for lease security deposit	$ 2,100,000		$ 2,100,000			$ 2,100,000
Outstanding letter of credit, cash collateralized					$ 2,200,000
Deferred rent	4,400,000		4,400,000			$ 1,700,000
Rent expense	800,000	$ 1,100,000	3,100,000	$ 2,800,000
Operating lease, sublease income			$ 2,200,000
Operating lease, sublease, expiration month and year			2025-05
Future minimum payments under other non-cancellable agreements	1,700,000		$ 1,700,000
Future minimum payments under other non-cancellable agreements, expected to be paid by December 31, 2021	300,000		300,000
Future minimum payments under other non-cancellable agreements, expected to be paid by December 31, 2022	700,000		700,000
Future minimum payments under other non-cancellable agreements, expected to be paid by December 31, 2023	500,000		500,000
Future minimum payments under other non-cancellable agreements, expected to be paid by December 31, 2024	200,000		200,000
Stock based compensation expense	6,603,000	$ 166,000	$ 7,163,000	$ 472,000
Office Space
Loss Contingencies [Line Items]
Operating lease expiration, month and year			2025-05
Operating lease term								7 years
Class A-1 Common Shares
Loss Contingencies [Line Items]
Additional shares of common stock subscribed					1,662,917
CVR Plan | Invoice Cloud, Inc.
Loss Contingencies [Line Items]
Maximum bonus pool amount							$ 9,500,000
Bonus pool amount outstanding	$ 7,500,000		$ 7,500,000
Stock based compensation expense			$ 0
CVR Plan | Invoice Cloud, Inc. | Class A-1 Common Shares | Minimum
Loss Contingencies [Line Items]
Cash distribution upon achievement of performance threshold							$ 889,100,000
General Atlantic, L.P. | IPO
Loss Contingencies [Line Items]
Additional shares of common stock subscribed	288,344		288,344		288,344

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Future Minimum Payments under Operating Leases (Details) $ in Thousands	Sep. 30, 2021USD ($)
Commitments And Contingencies Disclosure [Abstract]
Remainder of 2021	$ 1,249
2022	5,476
2023	5,592
2024	5,334
2025	4,358
Thereafter	18,776
Total	$ 40,785

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 31, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Restructuring Cost And Reserve [Line Items]
Reversal in restructuring expense		$ 330	$ (2,434)	$ 241	$ (2,434)
Restructuring liability		1,200		$ 1,200
Operating lease expiration, month and year				2030-11
Office Space Abandonment
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 2,400
Accrued Expenses and Other Current Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring liability		300		$ 300
Other Long-Term Liabilities
Restructuring Cost And Reserve [Line Items]
Restructuring liability		900		900
Office Space
Restructuring Cost And Reserve [Line Items]
Reversal in restructuring expense				241
Restructuring liability		$ 1,227		$ 1,227		$ 2,252
Operating lease expiration, month and year				2025-05

Restructuring - Summary of Rest

Restructuring - Summary of Restructuring Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Charges	$ (330)	$ 2,434	$ (241)	$ 2,434
Accrued restructuring as of September 30, 2021	1,200		1,200
Office Space
Restructuring Cost And Reserve [Line Items]
Accrued restructuring as of December 31, 2020			2,252
Charges			(241)
Cash payments			(825)
Other			41
Accrued restructuring as of September 30, 2021	$ 1,227		$ 1,227

Related Parties - Additional In

Related Parties - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2020
Related Party Transaction [Line Items]
Repayment of notes	$ 5,900
Interest expense	100	$ 300
Cash interest payments	$ 200	$ 300
Accrued interest payable				$ 100
IVR Technologies Group, LLC
Related Party Transaction [Line Items]
Unsecured notes payable aggregate amount			$ 2,900
Interest rate			8.00%
Interest due maturity date			Jan. 16, 2021
Global Cloud, Ltd.
Related Party Transaction [Line Items]
Unsecured notes payable aggregate amount			$ 3,000
Interest rate			7.00%
Interest due maturity date			Mar. 12, 2021

Segment and Geographic Inform_3

Segment and Geographic Information - Additional Information (Details) - Segment	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Number of reportable segments	2
Maximum
Segment Reporting Information [Line Items]
Percentage of revenue generated from outside the United States	10.00%	10.00%
Percentage of long-lived assets located outside of United States	10.00%	10.00%
Enterprise Solutions
Segment Reporting Information [Line Items]
Percentage of revenue generated	50.00%
SMB Solutions
Segment Reporting Information [Line Items]
Percentage of revenue generated	50.00%

Segment and Geographic Inform_4

Segment and Geographic Information - Schedule of Reconciliation of Revenue and Adjusted EBITDA for Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue
Total revenue	$ 55,493			$ 39,026			$ 154,664	$ 101,560
Adjusted EBITDA
Unallocated corporate expenses	(4,527)			(2,700)			(12,742)	(7,516)
Total Adjusted EBITDA	8,672			8,920			24,355	14,205
Amortization of intangible assets	(3,900)			(3,900)			(11,700)	(11,600)
Stock/equity-based compensation	(6,603)			(166)			(7,163)	(472)
Loss before income taxes	(8,963)			(654)			(8,641)	(9,776)
Benefit for income taxes	(671)			(185)			(623)	(2,918)
Net loss and comprehensive loss	(8,292)	$ (211)	$ 485	(469)	$ (2,964)	$ (3,425)	(8,018)	(6,858)
Reportable Segment
Revenue
Total revenue	55,493			39,026			154,664	101,560
Adjusted EBITDA
Total Adjusted EBITDA from reportable segments	13,199			11,620			37,097	21,721
Segment Reconciling Items
Adjusted EBITDA
Interest expense, net	(3,486)			(2,390)			(8,086)	(7,498)
Amortization of intangible assets	(3,901)			(3,900)			(11,701)	(11,623)
Depreciation	(933)			(349)			(1,919)	(876)
Transaction-related expenses	(3,014)			(176)			(4,246)	(634)
Fair value adjustment of acquired deferred revenue	(28)			(159)			(122)	(444)
Stock/equity-based compensation	(6,603)			(166)			(7,163)	(472)
Restructuring charges	330			(2,434)			241	(2,434)
Enterprise Solutions | Reportable Segment
Revenue
Total revenue	27,277			21,771			76,991	59,039
Adjusted EBITDA
Total Adjusted EBITDA from reportable segments	3,119			4,454			9,695	7,375
SMB Solutions | Reportable Segment
Revenue
Total revenue	28,216			17,255			77,673	42,521
Adjusted EBITDA
Total Adjusted EBITDA from reportable segments	$ 10,080			$ 7,166			$ 27,402	$ 14,346