TechTarget , Inc. (NASDAQ:TTGT), a company specializing in telecommunications and message communications with annual revenue of $260.75 million, has announced changes in its certifying accountant, according to a recent 8-K filing with the U.S. Securities and Exchange Commission.
The dismissal of Stowe & Degon follows a period without disagreements or reportable events concerning the company's financial statements for the fiscal years ending December 31, 2023, and December 31, 2022. Similarly, PwC UK's reports on the financial statements of TechTarget's Predecessor for the same period contained no adverse opinions or qualifications related to audit scope or accounting principles.
However, PwC UK's engagement with Informa (LON:INF) PLC's Informa Tech Digital Businesses revealed business relationships that were not in accordance with auditor independence standards. These relationships, existing from January 1, 2021, to February 6, 2024, and from January 1, 2021, to November 2023, involved a subsidiary of Informa providing services to PwC's Entertainment & Media Outlook publication. Both relationships were terminated before PwC UK's audit engagement period and were deemed not to impair PwC UK's independence.
On December 18, 2024, the Audit Committee engaged PwC US as New TechTarget's new independent registered public accounting firm to audit the consolidated financial statements for the year ending December 31, 2024. PwC US has also completed an independence assessment and has identified a business relationship with a subsidiary of Informa, similar to the one described for PwC UK, that was terminated prior to the audit engagement.
The Audit Committee and PwC US concluded that this prior relationship would not impact PwC US's ability to exercise objective and impartial judgment in auditing New TechTarget's consolidated financial statements. Throughout the period from January 4, 2024, to December 18, 2024, New TechTarget did not consult with PwC US on any matters that would affect its independence.
In other recent news, TechTarget has reported a modest increase in revenue growth for the second consecutive quarter. The company's shareholders have approved a significant merger with Informa PLC's digital businesses, a move that is expected to strengthen TechTarget's market position. The merger is part of a broader strategy to bolster enterprise technology companies' marketing and sales efforts by leveraging combined resources and expertise.
New product innovations, such as Account Insights Feed and Market Monitor, are being introduced to enhance customer engagement. The company's growth is primarily being driven by larger enterprise accounts, indicating a slower recovery for SMB customers.
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