Research Solutions, Inc. (NasdaqCM:RSSS) acquired Resolute Innovation, Inc. on July 28, 2023. As of June 30, 2023, ResoluteAI had approximately $1.3 million in Annual Recurring Revenue under contract.

Research Solutions, Inc. (NasdaqCM:RSSS) completed the acquisition of Resolute Innovation, Inc. on July 28, 2023. The initial purchase consideration, net of cash acquired, was approximately $2.9 million. In addition, the acquisition agreement includes an earnout that will be based upon the product of three and one half multiplied by ending annual recurring revenue as of January 31, 2025 less the agreed upon Enterprise Value of $3.4 million. The acquisition is not expected to have a material impact on the Company's consolidated financial statements and notes thereto. As per the filling of November 14, 2023, The total purchase consideration for ResoluteAI, net of cash acquired, was approximately $4.6 million. The consideration includes an initial payment of $2.7 million and a contingent earnout that has a fair value of $1.9 million as of September 30, 2023. The contingent earnout payment will be based upon the product of three and one half multiplied by ending annual recurring revenue as of January 31, 2025 less the agreed upon Enterprise Value of $3.4 million.