Exhibit 99.4

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF

OPERATIONS OF THE INFORMA TECH DIGITAL BUSINESSES

The following discussion and analysis is based principally on, and should be read in conjunction with, the Informa Tech Digital Businesses Audited Financial Statements and the Informa Tech Digital Businesses Unaudited Interim Financial Statements for the three and nine months ended September 30, 2024 and 2023 collectively referred to herein as the “combined financial statements.”

This discussion and analysis includes forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed in the Risk Factors filed as Exhibit 99.2 to the Current Report on Form 8-K filed by TechTarget, Inc. with the Securities and Exchange Commission (“SEC”) on December 3, 2024 (the “Form 8-K”) and under the heading “Cautionary Note Regarding Forward-Looking Statements” in Item 8.01 of the Form 8-K.

Overview

Background

The Informa Tech Digital Businesses (“the Business”) help technology companies accelerate growth through first party business-to-business (“B2B”) data, market insight and market access, with revenues for the Informa Tech Digital Businesses increasing to over $250 million from 2021 through 2023.

The Informa Tech Digital Businesses have built scale and market presence through a combination of underlying growth and targeted expansion, including acquisitions that brought new capabilities, customer relationships and specialist brands. This included the organic expansion of its specialist tech research business, Ovum, before further scale was added through the acquisition of IHS Markit Technology, which was combined with Ovum to create Omdia. The B2B digital product portfolio was extended through the acquisitions of NetLine in November 2021 (Demand Generation and Buyer Intent), Industry Dive in September 2022 (Specialist B2B Content/Brands), and most recently Canalys in September 2023 (Specialist Tech Research). Alongside this targeted expansion, Informa PLC (“Informa”, “Informa Group”, “Parent”) has made investment in IIRIS, a B2B customer data platform for collating, standardizing and analyzing all of the Informa Group’s first party B2B data. The creation of IIRIS, which remains part of the Informa Group, enabled the development of more audience and data-driven solutions, with the Informa Tech Digital Businesses being the major focus for this investment. New TechTarget will continue to have access to IIRIS through a data sharing agreement with the Informa Group (see The Transaction section).

Following this period of expansion and growth, the specialist technology research business is now among the largest providers of these services. It employs more than 300 expert analysts to create data-driven intelligence products and advisory services for product managers, corporate strategists and the C-suite, challenging market strategies, sharpening product roadmaps and accelerating time to market and revenue.

Omdia, Industry Dive, NetLine, Canalys and Wards are the foundation of the Informa Tech Digital Businesses, alongside their portfolio of specialist digital media brands. These products inform, educate and influence tech buyers, creating engaged, specialist audiences and delivering approximately 5 million permissioned first party data records.

Targeted access to these specialist audiences is provided through a growing range of data-driven digital products and services that are designed to deliver highly qualified leads, demand generation and buyer intent to technology vendors, connecting them with the right buyers at the right time to maximize return on investment and accelerate growth.

Industry Background and Trends

The Informa Tech Digital Businesses sit at the intersection of tech and B2B marketing, each dynamic innovative markets in their own right, with what management believes are compelling structural growth drivers. This provides a strong underpin to the long-term growth ambitions of the Informa Tech Digital Businesses.

Technology transcends all aspects of daily life and work. Enterprise technology, incorporating software and hardware systems used by large organizations for anything from customer relationship management to networking and cyber security, is central to operating effectively and efficiently. The pace of innovation and change is rapid, creating a constant cycle of investment to enhance, upgrade and replace technology.

For the Informa Tech Digital Businesses, investment in innovation and growth in research & development budgets provide a leading indicator of demand for their products and services. Of the top 1,700 corporate R&D spenders in 2022, ICT hardware, software and ICT services were the segments attracting the greatest R&D investment, with software and ICT services increasing 19% year-on-year. This growth in technology-related R&D is driving a new wave of investment and innovation, enhancing existing products and inspiring the next generation of products and services.

Over time, the scale of technology purchasing, particularly enterprise technology, has grown in size, resulting in B2B buying behavior becoming more complex. This complexity has led to longer sales cycles as more research is undertaken on purchasing technology products and platforms. Typically, large technology decisions will involve a number of people across an organization from technology professionals to CIOs, CFOs and often CEOs. This research takes many forms, with an increasing amount conducted online, including by reading specialist content, reviews, information, product profiles and bespoke research, as well as through webinars and online discussions.

According to Gartner, it is estimated that as much as 80% of the B2B buyer journey is now completed before a buyer might make contact with the sales team of a vendor. For technology vendors, online presence and digital brand visibility are therefore critical, leading to more companies focusing spend on branded content services, thought leadership and whitepaper distribution, digital event participation and advertising on the most relevant platforms and media.

Management believes the Informa Tech Digital Businesses are at the center of this shift in B2B buyer behavior, delivering highly relevant content and research to technology buyers that informs, educates and influences them along the different stages of their buyer journey.

These interactions with its content – who reads what, who clicks to find out more, how long buyers spend on specific websites, etc. – and general online behavior, when captured, enriched and analyzed, provide deep insights into who potential customers are, what products and services they might be interested in, where they are in their purchasing cycle and how significant is the intent to purchase.

For B2B sales and marketing teams at technology vendors, this information is critical in targeting the right buyers at the right time, raising brand awareness and positioning products with the right audiences to secure leads that turn into sales. With increasing scrutiny and focus on return on investment, data-driven B2B marketing is becoming ever more relevant given it is typically more measurable, with more efficiency than more traditional advertising and marketing services, helping to increase lead conversion rates, reduce the cost of customer acquisition and generate more revenue per dollar of marketing spend.

Because most of the Informa Tech Digital Businesses clients are B2B technology companies, the success of the Informa Tech Digital Businesses is intrinsically linked to the health, and subject to the market conditions, of the technology industry. The Informa Tech Digital Businesses have recently been affected by macro-economic conditions, in particular the negative impact of rising inflation and interest rates on the technology industry, which has impacted investment levels and overall client marketing expenditure. Further, in 2023, the Informa Tech Digital Businesses were also negatively impacted by the return of physical events following the relaxation of COVID-19 pandemic related restrictions, which led to some rebalancing of marketing budgets away from digital marketing into physical events and is likely to continue into the future. These conditions primarily impact product offerings within marketing, advertising services and sponsorship and are likely to continue throughout 2024 and therefore negatively impact revenue and continuing operations. Although management cannot quantify the impact of macro-economic factors on the Informa Tech Digital Businesses’ future results, any worsening of market conditions could negatively impact its financial position and liquidity. Marketing, advertising services and sponsorship revenue is more immediately impacted by changes in client spending and macro-economic conditions other revenue categories.

Product and Service Offerings

Over the last five years, the Informa Group has been building a portfolio of data-driven solutions that are intended to capitalize on the positive market dynamic described above and meet the evolving needs of buyers and vendors in the technology market.

The portfolio of products that the Informa Group has built, the Informa Tech Digital Businesses, help both buyers of B2B technology with knowledge and intelligence, supporting them through different stages of the buyer journey, and sellers of B2B technology in identifying relevant buyers for their products, who are in-market and with the greatest purchasing intent. These digital solutions fall into a number of categories:

The Transaction

On January 10, 2024, Informa entered into an Agreement and Plan of Merger (the “Transaction Agreement”) with TechTarget Holdings, Inc. (formerly known as TechTarget, Inc.) (“Former TechTarget”) and certain Informa and Former TechTarget subsidiaries. Pursuant to the Transaction Agreement, Informa and Former TechTarget, among other things, agreed to combine Former TechTarget with Informa Intrepid Holdings Inc. (“Informa Intrepid”), a wholly owned subsidiary of Informa, to create a new US-listed company, TechTarget, Inc. (“New TechTarget”), a leading platform in B2B data and market access (the “Transaction”).

Prior to the closing of the Transaction, Informa undertook certain restructuring transactions to separate the Informa Tech Digital Businesses and as of the closing of the Transaction all Informa Tech Digital Businesses were held directly or indirectly by Informa Intrepid. 

The Transaction closed on December 2, 2024 (the “Closing Date”). At the closing, in exchange for an aggregate of 41,651,366 shares of New TechTarget’s common stock, par value $0.001 per share (“New TechTarget common stock”), Informa contributed Informa Intrepid and $350.0 million (collectively, the “Contribution”) in cash to New TechTarget and Informa Intrepid, with the Business, merged with and into Former TechTarget, with Former TechTarget as the surviving corporation (the “Merger”). As a result of the Merger, each issued and outstanding share of Former TechTarget common stock as of immediately prior the effective time of the Merger, were converted into the right to receive (i) one share of New TechTarget common stock and (ii) pro rata share amount of the $350.0 million cash contribution. Informa owns approximately 57% of New TechTarget on a fully diluted basis as of the Closing Date.

Critical Accounting Policies and Use of Estimates

Preparation of the accompanying combined financial statements requires management to make judgments, assumptions and estimates regarding uncertainties that could affect reported revenue, expenses, assets, liabilities and equity. The most significant areas where management’s judgments, assumptions and estimates impact the combined financial statements are described below. Actual results in these areas could differ materially from management’s estimates under different assumptions and conditions. Significant accounting policies are described fully in Note 2. Significant accounting policies in the Informa Tech Digital Businesses Audited Financial Statements.

Basis of Presentation and Corporate Expense allocations

The accompanying combined financial statements and related notes represent the business referred to as the Informa Tech Digital Businesses. The accompanying combined financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Informa Tech Digital Businesses have historically operated as part of the Informa Tech division of Informa PLC (“Informa” or “Parent”) and not as a standalone entity and have no separate legal status or existence. As such, the financial position and results of operations have been derived from Informa’s historical accounting records and are presented on a carve-out basis. Intercompany transactions, profits and balances among the Informa Tech Digital Businesses’ entities have been eliminated. Sale and purchase transactions between the Informa Tech Digital Businesses and other Informa affiliates are included in the combined financial statements.

The accompanying combined financial statements reflect charges for costs directly related to the Informa Tech Digital Businesses. The Informa Tech Digital Businesses have been allocated a portion of costs incurred by Informa for certain central functions and other operations that are used by the Informa Tech Digital Businesses, including but not limited to executive oversight, finance, treasury, tax, legal, human resources, technology, marketing and other shared services. All such costs are reflected in the accompanying combined financial statements. These costs are allocated using a methodology that Management believes is reasonable for the item being allocated. Allocation methodologies include the Business’s relative share of revenues, headcount, usage, or functional spend as a percentage of the total. While management believes the methodologies and assumptions used to allocate these costs are reasonable, the combined financial statements do not purport to represent the financial position, results of operations, changes in equity, and cash flows of the Informa Tech Digital Businesses in the future, or what such costs would have been had the Informa Tech Digital Businesses operated as a stand-alone entity during the periods presented.

Revenue Recognition

Revenue is recognized as the Business satisfies a performance obligation, based upon transfer of control of promised products or services to clients in an amount that reflects the consideration to which the Business expects to be entitled in exchange for those products or services. Some of the Business’ performance obligations are satisfied over time as the product or service is transferred to the client. Performance obligations which are not satisfied over time are satisfied at a point in time.

The Informa Tech Digital Businesses enter into contracts that can include various combinations of its offerings which are generally capable of being distinct and accounted for as a separate performance obligation.

When performance obligations are combined into a single contract, the Business utilizes the stand-alone selling price (“SSP”) of each product or service to allocate the transaction price among the performance obligations, which is generally determined based on the prices charged to the clients or using expected cost plus a margin, with any discounts allocated across the performance obligations. Revenue for each category type of revenue is typically fixed at the date of the order and is not variable.

Goodwill and Long-Lived Assets

The Informa Tech Digital Businesses apply the purchase method of accounting to business combinations. All of the assets acquired, liabilities assumed, and contingent consideration are allocated based on their estimated fair values. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the net tangible and identifiable intangible assets acquired and liabilities assumed.

The determination of the fair value of identifiable intangible assets involves significant assumptions and estimates, including, but not limited to, future customer attrition, discount rates, royalty rates, useful economic lives and expected future cash flows. Although management believes the assumptions and estimates to be reasonable and appropriate, they require judgment and are based on experience and historical information from all of the acquired entities. A change in these estimates could cause a materially different value of intangible assets to be recognized with an opposing impact on the goodwill arising from the transaction.

In relation to the acquisition of Canalys in September 2023, the most significant estimate is the customer attrition rate used in the determination of the fair value of customer relationships and the royalty rate used and period over which royalties would be earned in relation to the determination of the fair value of content. Upon acquisition in 2023, a 2% decrease in the attrition rate would result in a $1.2 million increase to customer relationships fair value, while a 2% increase would result in a $1.0 million decrease to the fair value. A 2% increase (decrease) in the royalty rate would result in a $0.8 million increase (decrease) in content fair value. Reducing the period over which royalties would be received by five years would result in a $1.8 million decrease to content fair value, while increasing the period by five years would result in a $3.8 million increase to content fair value.

In relation to the acquisition of Industry Dive in September 2022, the most significant estimate is the customer attrition rate used in the determination of the fair value of customer relationships and the royalty rate used and period over which royalties would be earned in relation to the determination of the fair value of trade names. Upon acquisition in 2022, a 2% decrease in the attrition rate would result in a $15.5 million increase to the customer relationships fair value, while a 2% increase would result in a $13.1 million decrease to the fair value. Reducing the period over which royalties would be received by five years would result in a $14.6 million decrease in the trade names fair value, while increasing the period by five years would result in a $8.3 million increase to the fair value. A 2% increase (decrease) in the royalty rate would result in a $0.6 million increase (decrease) in the trade names fair value.

In relation to the acquisition of NetLine in November 2021, the most significant estimate is the customer attrition rate used in the determination of customer relationships fair value and the royalty rate used in relation to the determination of the fair value of brands. Upon acquisition in 2021, a 2% decrease in the attrition rate would result in a $2.2 million increase to customer relationships fair value, while a 2% increase would result in a $1.9 million decrease to the fair value. A 2% increase (decrease) in the royalty rate would result in a $3.8 million increase (decrease) to the fair value of brands.

The Informa Tech Digital Businesses evaluate long-lived assets, including property, equipment, and intangible assets, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Goodwill is tested annually for impairment in the fourth fiscal quarter, or when events and circumstances indicate an impairment may have occurred.

Among the factors that could trigger an impairment review are a reporting unit’s operating results significantly declining relative to its operating plan or historical performance, and competitive pressures and changes in the general markets in which it operates. In assessing goodwill for impairment, the Informa Tech Digital Businesses may first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If this assessment concludes that it is more likely than not that the fair value is more than its carrying value of a reporting unit, goodwill is not considered impaired and the quantitative goodwill impairment test is not required to be performed.

If the aforementioned impairment assessment concludes that it is more likely than not that the fair value is less than its carrying value, the Informa Tech Digital Businesses perform the quantitative goodwill impairment test, which compares the fair value of the reporting unit to its carrying value. Impairments, if any, are based on the excess of the carrying amount over the fair value. The Informa Tech Digital Businesses estimate the fair value of their reporting units primarily using an income approach. The following are key assumptions and values assigned in the fair value calculations:

Significant judgments are required in assessing these assumptions. These estimates can be affected by several factors, including general economic, industry, and regulatory conditions; the risk-free interest rate environment; and our ability to achieve our forecasted operating results. Although management believes the assumptions and estimates to be reasonable and appropriate, they require judgment and changes in these estimates and assumptions could materially affect the determination of fair value, whether an impairment exists and, if so, the amount of that impairment.

The Informa Tech Digital Businesses have recently been affected by macro-economic conditions, in particular the negative impact of rising interest rates on the technology industry, which has impacted investment levels and overall marketing expenditure. In 2023, the Informa Tech Digital Businesses were also impacted by the return of physical events following the relaxation of COVID-19 pandemic related restrictions, which led to some rebalancing of marketing budgets away from digital marketing into physical events. As a result, during the first quarter of 2023, when remeasuring the fair value of the contingent consideration related to the acquisition, a reduction was made to the short-term 2023 revenue forecast for the Industry Dive reporting unit. As this was considered to be an indicator of impairment, a quantitative analysis was performed, which concluded that the fair value continued to exceed the carrying value because the long-term projections of the business remained unchanged.

Subsequently, in the second quarter of 2023, with macro-economic conditions remaining challenging, management revised its long-term revenue projections for the Industry Dive business, lowering expectations for its core email and website sponsorship/advertising products to reflect more constrained budgets among its current and expected key customers. Following this change in assumptions, another quantitative impairment analysis was performed for the Industry Dive reporting unit, which indicated that its carrying value now exceeded its fair value. Therefore, an impairment charge of $130.1 million was recognized against the goodwill of the Industry Dive reporting unit.

The fair value of Industry Dive was determined by discounting its projected cash flows at the post-tax discount rate of 12.1% and using a 2.2% long-term growth rate, as determined following the methodology above. A sensitivity analysis considered the impact of changes to several key assumptions that were considered in isolated scenarios, including a hypothetical 10% reduction in all cash flow years including the perpetuity year, a 1% increase in the discount rate, and a 0.50% reduction in the long-term growth rate, with higher total levels of impairment ranging from $142.3 million to $169.2 million under these sensitivities scenarios.

As the macro-economic conditions also impacted NetLine, the Business performed a quantitative impairment analysis for the NetLine reporting unit which indicated the fair value exceeded its carrying value by 14.5%. The fair value of NetLine was determined by discounting its projected cash flows at the post-tax discount rate of 14.1% and using a 2.2% long-term growth rate, as determined following the methodology above. A sensitivity analysis considered the impact of changes to several key assumptions that were considered in isolated scenarios, including a hypothetical 10% reduction in all cash flow years including the perpetuity year which would reduce headroom to $1.8 million, a 1% increase in the discount rate, which would reduce headroom to $3.2 million, and a 0.5% reduction in the long-term growth rate, which would reduce headroom to $7.2 million.

During the annual goodwill impairment test, there were either no indicators of impairment, or where such indicators existed, the results of the December 31, 2023 impairment test showed that fair value exceeded the carrying amount for all reporting units and therefore that no further impairment charge was required.

For the nine months ended September 30, 2024 there were no indicators of impairment and therefore no further impairment charge was required.

Furthermore, no impairment charges were recognized during the 2022 and 2021 annual goodwill impairment assessment tests, as either management’s qualitative assessments did not indicate that it was more likely than not that the reporting units’ carrying amounts exceeded their fair values, or, where a quantitative assessment was performed, that the calculated carrying amount of the reporting units was higher than their corresponding fair value at the respective testing dates.

Business Combinations

Accounting for business combinations requires the Informa Tech Digital Businesses’ management to make significant estimates and assumptions, especially at the acquisition date with respect to tangible and intangible assets acquired and liabilities assumed. Informa Tech Digital Businesses use its best estimates and assumptions to accurately assign fair value to the tangible and intangible assets acquired and liabilities assumed at the acquisition date as well as the useful lives of those acquired intangible assets.

Significant assumptions and estimates used in determination of fair value include future customer attrition, discount rates, royalty rates, useful economic lives and expected future cash flows. Although management believes the assumptions and estimates to be reasonable and appropriate, they require judgment and are based on experience and historical information from all of the acquired entities.

At the acquisition date of a business combination and at each subsequent balance sheet date, consideration contingent on future performance over the contractual earn-out period are remeasured to fair value. Informa Tech Digital Businesses utilizes significant estimates and assumptions in determining the estimated contingent consideration and associated expense or gain at each balance sheet date. The liabilities are measured against the contractually agreed performance targets at each subsequent reporting date with any adjustments recognized in the combined income statement. The estimation of these liabilities requires Informa Tech Digital Businesses to make judgements concerning the future performance of related businesses over the contingent consideration period. The estimation uncertainty risk of payments greater than one year is higher due to the forecast nature of the inputs.

Components of Results of Operations

Total Revenue

The Informa Tech Digital Businesses help technology companies accelerate growth through first party B2B data, market insight and market access (see “Product and Service Offerings” above). The Informa Tech Digital Businesses recognize revenue when performance obligations are satisfied by transferring promised goods and services to clients in an amount the Informa Tech Digital Businesses expect to receive in exchange for those goods or services. The Informa Tech Digital Businesses enter into contracts that can include various combinations of its offerings which are generally capable of being distinct and accounted for as a separate performance obligation.

When performance obligations are combined into a single contract, the Informa Tech Digital Businesses utilize stand-alone selling price (“SSP”) to allocate the transaction price among the performance obligations which is generally determined based on the prices charged to the clients or using expected cost plus a margin.

Revenue is disaggregated into four categories: Marketing, advertising services and sponsorship, Intelligence subscription services, Advisory services and Exhibitor and attendee revenue. A description of the revenue recognition policy for each category of revenue is included in Note 2. Significant accounting policies of the Informa Tech Digital Businesses Audited Financial Statements.

These products and services are delivered under both short-term contracts that run for the length of a given marketing/sales program, typically less than nine months, and through integrated contracts exceeding 270 days (“longer-term contracts”) covering various client needs. Longer-term contracts include a range of annual subscription products, which are paid for annually in advance. In the three months ended September 30, 2024 and 2023, 39.3% and 39.2% of our revenues were from longer-term contracts, respectively. In the nine months ended September 30, 2024 and 2023, 38.0% and 37.5% of our revenues were from longer-term contracts, respectively.

As a result of the Transaction, Management does not anticipate any significant elements of the Informa Tech Digital Businesses’ revenue to be discontinued as part of post-transaction operations.

Cost of revenues

Cost of revenues primarily consists of salaries and related personnel costs for research, editorial and consulting employees, lead generation expenses, freelance contractor expenses, website hosting costs, and other related overheads.

Selling and marketing

Selling and marketing expenses consist primarily of salaries and related personnel costs, sales commissions, facility expenses, advertising costs, and other related overheads.

General and administrative

General and administrative expenses consist primarily of salaries and related personnel costs, facility expenses and related overheads, accounting, legal and other professional fees, bad debt provision, and stock-based compensation expenses.

Product development

Product development includes the creation of the Informa Tech Digital Businesses’ network of websites and data analytics framework, advertiser offerings and technical infrastructure.

Acquisition and integration costs

Acquisition-related costs that are not part of the purchase price consideration are generally expensed as incurred. These costs typically include transaction-related costs, including those for the Transaction with Former TechTarget, such as finder’s fees, legal, accounting, and other professional costs. Integration-related costs represent costs that relate directly to combining the Informa Tech Digital Businesses and its acquired businesses. Integration-related costs typically include strategic consulting services, employee-related costs, such as retention and severance, costs to integrate IT infrastructure, enterprise planning systems, processes, and other non-recurring integration-related costs.

Depreciation

Depreciation expense consists of the depreciation of property and equipment. Depreciation is calculated using the straight-line method over their estimated useful lives, ranging from three to five years.

Amortization

Amortization expense consists of the amortization of intangible assets. Intangible assets are amortized on a straight-line basis over the estimated useful lives of the underlying assets.

Impairment of long-lived assets and goodwill

Impairment of long-lived assets and goodwill primarily relates to lease impairment and goodwill impairment in one reporting unit as the carrying amount exceeded the fair value.

Remeasurement of contingent consideration

Remeasurement of contingent consideration relates to the fair value adjustment of acquisition related contingent consideration.

Interest income

Interest income is primarily on related-party loans, by reference to the principal outstanding and at the effective interest rate applicable.

Interest expense

Interest expense consists primarily of interest on related-party loans at the effective interest rate applicable.

Other income (expense), net

Other income (expense), net, consists of unrealized/realized foreign currency exchange losses and one-time gains and losses and other miscellaneous income and expense items unrelated to core operations.

Income tax benefit

The Informa Tech Digital Businesses’ current and deferred taxes are computed on a separate return basis as a carve-out of Informa. The Informa Tech Digital Businesses account for income taxes using the asset and liability method under GAAP, whereby deferred income taxes are recognized for the tax consequences of temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Income tax expense reflects income earned and taxed, in jurisdictions in which the Informa Tech Digital Businesses conduct business, which mainly include the United Kingdom and United States federal and state income taxes.

Results of Operations

The following table sets forth a summary of certain key financial information for the three and nine months ended September 30, 2024 and 2023:

Supplemental Pro Forma Information

Comparison of the Three Months Ended September 30, 2024 and 2023

Revenue

Revenue for the three months ended September 30, 2024 was $62.7 million, an increase of $3.3 million, or 5.6%, compared to the three months ended September 30, 2023. This reflected growth in the subscriptions business due to the impact of the Canalys acquisition, which was acquired in September 2023.

Cost of Revenues

Cost of revenues for the three months ended September 30, 2024 was $23.8 million, an increase of $1.3 million, or 6.0%, compared to the three months ended September 30, 2023. The increase is primarily due to the impact of the Canalys acquisition.

Operating Expenses

Selling and marketing

Selling and marketing expenses for the three months ended September 30, 2024 were $14.2 million, an increase of $0.9 million, or 7.1%, compared to the three months ended September 30, 2023. This was primarily due to increased digital marketing spend in Industry Dive to support a product mix change.

General and administrative

General and administrative expenses for the three months ended September 30, 2024 were $18.2 million, a decrease of $0.5 million, or 2.6%, compared to the three months ended September 30, 2023, which is broadly in line with prior period’s expense as management continues to monitor costs closely.

Product development

Product development expenses for the three months ended September 30, 2024 were $2.6 million, an increase of $0.3 million, or 11.5%, compared to the three months ended September 30, 2023 due to a slight increase in employees in Industry Dive.

Depreciation

Depreciation expense for the three months ended September 30, 2024 was $0.4 million, an increase of $0.2 million, or 147.4%, compared to the three months ended September 30, 2023. The higher depreciation was a result of investment in office space across the Asia Pacific region in the fourth quarter of fiscal year 2023.

Amortization

Amortization expense for the three months ended September 30, 2024 was $8.3 million, an increase of $0.6 million, or 7.5%, compared to the three months ended September 30, 2023. The increase was due to the amortization of acquired intangible assets of Canalys following its acquisition in September 2023, as well as movements in foreign exchange rates, specifically U.S. dollars (“USD”) versus Great British Pounds (“GBP”).

Acquisition and Integration Costs

Acquisition and integration costs for the three months ended September 30, 2024 were $8.4 million, an increase of $5.2 million, or 164.1%, compared to the three months ended September 30, 2023. Of the increase, $5.5 million is due to acquisition costs incurred in the three months ended September 30, 2024 relating to the Transaction with Former TechTarget, including legal, professional accounting and advisor costs. This is partially offset by lower integration costs in the current period relating to the acquisitions of Canalys in 2023 and Industry Dive in 2022.

Remeasurement of Contingent Consideration

Remeasurement of contingent consideration for the three months ended September 30, 2024 was a gain of $0.3 million, a change of $2.1 million compared to a gain of $2.4 million recorded for the three months ended September 30, 2023. In the three months ended September 30, 2024, the remeasurement gain is primarily driven by a change in the short-term 2025 revenue forecasts of Industry Dive.

Interest Expense

Interest expense for the three months ended September 30, 2024 was $5.8 million, a decrease of $0.4 million, or 5.8%, compared to the three months ended September 30, 2023. The interest expense in both periods primarily relates to a related party loan used to fund the acquisition of Industry Dive in 2022, which was settled in August 2024 resulting in lower interest expense in the three months ended September 30, 2024.

Interest Income

Interest income for the three months ended September 30, 2024 was $0.9 million, an increase of $0.1 million, or 17.2%, compared to the three months ended September 30, 2023. The increase in interest income is primarily due to interest received on higher cash balances.

Other Income (Expense), Net

Other income (expense), net, for the three months ended September 30, 2024 was a net expense of $1.7 million, a decrease of $2.2 million compared to a net income of $0.5 million in the three months ended September 30, 2023. The decrease was due to changes in foreign exchange rates, specifically U.S. dollars (“USD”) versus Great British Pounds (“GBP”).

Income Tax Benefit

Income tax benefit for the three months ended September 30, 2024 was $3.7 million, an increase of $2.8 million compared to the income tax benefit of $0.9 million in the three months ended September 30, 2023. The effective tax rate was 19.0% and 7.9% for the three months ended September 30, 2024 and 2023, respectively. In the three months ended September 30, 2024, the effective tax rate was larger primarily due to an increased full year forecast pre-tax loss in the U.S. as compared to the position at June 30, 2024. In the three months ended September 30, 2024, the pre-tax loss was proportionally larger than the previous quarters, as compared to the three months ended September 30, 2023, which also contributed to a larger benefit being recorded.

Comparison of the Nine Months Ended September 30, 2024 and 2023

Revenue

Revenue for the nine months ended September 30, 2024 was $185.0 million, an increase of $8.7 million, or 4.9%, compared to the nine months ended September 30, 2023. This reflected growth in the subscriptions business due to the impact of the Canalys acquisition in September 2023.

Cost of Revenues

Cost of revenues for the nine months ended September 30, 2024 was $74.5 million, an increase of $4.5 million, or 6.4%, compared to the nine months ended September 30, 2023. The increase is largely due to the inclusion of Canalys results in the nine months ended September 30, 2024, following its acquisition in September 2023, as well as an increase in investment in employees to support product growth.

Operating Expenses

Selling and marketing

Selling and marketing expenses for the nine months ended September 30, 2024 were $42.1 million, an increase of $1.2 million, or 2.9%, compared to the nine months ended September 30, 2023. The increase was primarily due to the inclusion of Canalys results following its acquisition in September 2023 and an increase in Industry Dive digital marketing spend, partially offset by a reduction in employees.

General and administrative

General and administrative expenses for the nine months ended September 30, 2024 were $53.9 million, an increase of $3.6 million, or 7.1%, compared to the nine months ended September 30, 2023. The increase was primarily due to the inclusion of Canalys results following its acquisition in September 2023, as well as an increase in payroll costs due to change in employee mix predominantly in the Omdia and NetLine businesses.

Product development

Product development expenses for the nine months ended September 30, 2024 were $8.5 million, an increase of $0.1 million, or 1.2%, compared to the nine months ended September 30, 2023 due to slight increase in employees in Industry Dive.

Depreciation

Depreciation expense for the nine months ended September 30, 2024 was $1.2 million, an increase of $0.7 million, or 158.4%, compared to the nine months ended September 30, 2023. The higher depreciation was a result of investment in office space across the Asia Pacific region in the fourth quarter of fiscal year 2023.

Amortization

Amortization expense for the nine months ended September 30, 2024 was $24.8 million, an increase of $2.0 million, or 8.7%, compared to the nine months ended September 30, 2023. The increase was due to the amortization of acquired intangible assets of Canalys following its acquisition in September 2023, as well as movements in foreign exchange rates, specifically U.S. dollars (“USD”) versus Great British Pounds (“GBP”).

Impairment of Goodwill

Impairment of goodwill for the nine months ended September 30, 2024 was $nil, a decrease of $130.1 million, or 100% compared to the nine months ended September 30, 2023. The decrease was due to the impairment of the Industry Dive reporting unit in June 2023. The decline in fair value of the reporting unit was attributed to revised long-term revenue projections resulting from lower expectations for its core email and website sponsorship/advertising products to reflect more constrained budgets among its key customers.

Impairment of Long-Lived Assets

Impairment of long-lived assets for the nine months ended September 30, 2024 was $2.0 million, an increase of $1.9 million, or 1,169.8% compared to the nine months ended September 30, 2023. The increase was mainly due to the exit from and associated impairment of Industry Dive’s Washington, DC office in March 2024.

Acquisition and Integration Costs

Acquisition and integration costs for the nine months ended September 30, 2024 were $38.1 million, an increase of $32.8 million, or 620.6%, compared to the nine months ended September 30, 2023. Of the increase, $32.5 million is due to acquisition costs incurred in the nine months ended September 30, 2024 relating to the Transaction with Former TechTarget., including legal, professional accounting and advisor costs. The remaining increase reflects the continuation of integration costs following the acquisition of Canalys in 2023 and Industry Dive in 2022.

Remeasurement of Contingent Consideration

Remeasurement of contingent consideration for the nine months ended September 30, 2024 was a loss of $2.4 million, a change of $103.3 million compared to a gain of $100.9 million recorded for the nine months ended September 30, 2023. In the nine months ended September 30, 2023, the amount reflected a reduction in Industry Dive’s revenue growth, which resulted in a reduction in the fair value of the 2023 contingent consideration arrangement, hence generating a gain upon remeasurement. In the nine months ended September 30, 2024, the remeasurement loss primarily relates to the unwind of the discount on the contingent consideration, resulting in an increase in the fair value of the contingent consideration arrangement.

Interest Expense

Interest expense for the nine months ended September 30, 2024 was $18.6 million, an increase of $0.4 million, or 2.0%, compared to the nine months ended September 30, 2023. The interest expense in both periods primarily relate to a related party loan used to fund the acquisition of Industry Dive in 2022.

Interest Income

Interest income for the nine months ended September 30, 2024 was $4.4 million, an increase of $2.4 million, or 119.0%, compared to the nine months ended September 30, 2023. The increase in interest income is primarily due to interest received on higher cash balances.

Other Income (Expense), Net

Other income (expense), net, for the nine months ended September 30, 2024 was a net expense of $1.4 million, a decrease of $0.8 million compared to a net expense of $0.5 million in the nine months ended September 30, 2023. The increase was due to changes in foreign exchange rates, specifically U.S. dollars (“USD”) versus Great British Pounds (“GBP”).

Income Tax Benefit

Income tax benefit for the nine months ended September 30, 2024 was $6.5 million, a decrease of $0.5 million compared to the income tax benefit of $7.1 million in the nine months ended September 30, 2023. The effective tax rate was 8.4% and 10.4% for the nine months ended September 30, 2024 and 2023, respectively. In the nine months ended September 30, 2024, the effective tax rate was mainly driven by pre-tax losses and non-deductible acquisition and integration costs of $7.9 million. In the nine months ended September 30, 2023, the effective tax rate was mainly driven by pre-tax losses and a non-deductible goodwill impairment that was partially offset by non-taxable remeasurement of contingent consideration, for a net impact of $4.4 million. While the pre-tax losses were greater in 2024, the increase in the non-deductible expenses led to a decreased tax benefit compared to 2023.

Liquidity and Capital Resources

The Informa Tech Digital Businesses’ operations have historically participated in various cash management and funding arrangements managed by Informa. As part of Informa, the Informa Tech Digital Businesses have been dependent on Informa for working capital and financing requirements as Informa uses a centralized approach for cash management and financing of its operations. In particular, Informa provided the funding for the acquisitions of Canalys, Industry Dive and NetLine made in 2023, 2022 and 2021 respectively.

The Informa Tech Digital Businesses’ primary recurring use of cash is expected to be payment of operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for product development, marketing, facilities and overhead costs.

Informa has provided funding for the Informa Tech Digital Businesses’ operating and investing activities, including pooled cash managed by Informa treasury to fund operating expenses and capital expenditures. Cash flows in the periods under review related to financing activities primarily reflect changes in Informa’s investment in the Informa Tech Digital Businesses. These activities formed a component of net parent investment, and this arrangement does not reflect the way the Informa Tech Digital Businesses would expect to operate as a standalone business. None of Informa’s cash, cash equivalents or debt at the corporate level have been assigned to the Informa Tech Digital Businesses in the combined financial statements. Prior to completion of the Transaction, all remaining related party balances as of September 30, 2024 were settled between the Informa Tech Digital Businesses and Informa.

Upon closing of the Transaction, the Informa Tech Digital Businesses no longer participate in Informa’s cash management and financing operations and as such Informa’s financial support is no longer in place. On December 2, 2024, New TechTarget, as borrower, and Former TechTarget, as guarantor, entered into a $250 million unsecured five-year revolving credit facility (the “Credit Facility”) with Informa Group Holdings Limited, an affiliate of Informa, as administrative agent (the “Administrative Agent”), and the lenders from time to time party thereto. Cash on hand and cash flows generated by operations and cash available from the Credit Facility are expected to be sufficient for at least the next 12 months to meet the Informa Tech Digital Businesses’ operating requirements as part of New TechTarget.

Cash Flow

The following table summarizes cash flow activities:

The primary source of cash is a combination of operating activities and related party loans which are utilized to invest in acquisitions.

Net cash provided by operating activities

Operating cash outflow for the nine months ended September 30, 2024 was $35.0 million, a $38.9 million decrease compared to the same period in 2023. This is driven by the absence of goodwill impairment and remeasurement of contingent consideration gain in the first nine months of 2024 compared to same period in 2023, transaction costs in the amount of $32.5 million incurred in the nine months ended September 2024, and a reduction in cash from related party payables driven by timing of settlement on intercompany interest. These decreases were partly offset by increases due to timing of contract billing and receipt of cash.

Net cash used in investing activities

Cash outflows from investing activities were $4.9 million, a $48.5 million decrease compared to the same period in 2023. The decrease in outflows is primarily driven by the acquisition of Canalys in September 2023.

Net cash provided by financing activities

Cash flows provided by financing activities were an inflow of $50.4 million for the nine months ended September 30, 2024 compared to an inflow of $54.5 million for the nine months ended September 30, 2023. Significant loans were granted as part of cash pool arrangements with parent in both the nine months ended September 30, 2024 and 2023, however, the contribution for the nine months ended September 30, 2024 was higher due to the transaction costs of $32.5 million incurred in the period related to the Transaction with Former TechTarget, which were paid for by the Parent on behalf of Informa Tech Digital Businesses and were recorded as net transfers from Parent. The contingent consideration from the Canalys acquisition of $4.0 million was settled in June 2024.

Off Balance Sheet Arrangements

As of September 30, 2024 and December 31, 2023, the Informa Tech Digital Businesses did not have any significant off-balance sheet arrangements.

Quantitative and Qualitative Disclosures About Market Risk

In the ordinary course of business, the Informa Tech Digital Businesses are exposed to market risk related to changes in foreign currency exchange rates due to their global presence. The foreign currency translation exposure exists primarily with the Pound Sterling. The Informa Tech Digital Businesses measure net exposure for cash balance positions and for cash inflows and outflows in order to evaluate the need to mitigate foreign exchange risk. Although they have not done so historically, the Informa Tech Digital Businesses may enter into foreign currency forward or option contracts to minimize the impact related to unfavorable exchange rate movements. Based on a hypothetical 10% change in foreign currency exchange rates for the nine months ended September 30, 2024, the Informa Tech Digital Businesses estimate that net revenue could increase or decrease by approximately $4 million.

The Informa Tech Digital Businesses’ exposure to interest rate risks is relatively immaterial as it primarily relates to the interest income generated by excess cash which is mostly held in interest-bearing bank deposits. Interest rates on related-party loan agreements are fixed and therefore there is no exposure. The Informa Tech Digital Businesses combined balance sheets and statements of income do not include an allocation of third-party debt or interest expense from Informa because it is not the legal obligor of the debt and the borrowings were not directly attributable to its business. Following the Closing, the Informa Tech Digital Businesses may incur indebtedness in connection with working capital requirements or otherwise, at which time exposure to interest rate risks is expected to increase.

Although the Informa Tech Digital Businesses cannot accurately anticipate the future effect of inflation on financial condition or results of operations, inflation historically has not had a material impact on its operations. If Informa Tech Digital Businesses costs were to become subject to significant inflationary pressures, it may not be able to fully offset such higher costs through price increases for services. The Informa Tech Digital Businesses’ inability to do so could harm its business, financial condition or results of operations.

Internal Controls Over Financial Reporting

In connection with the preparation and audit of the Informa Tech Digital Businesses’ combined financial statements as of December 31, 2023 and 2022 and for the three years ended December 31, 2023, and in connection with the preparation of the unaudited condensed combined interim financial statements during 2024, the Informa Tech Digital Businesses’ management identified certain control deficiencies in the design and implementation of its internal control over financial reporting that constituted material weaknesses. These material weaknesses continue to exist as of September 30, 2024. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the financial statements will not be prevented or detected on a timely basis. The Informa Tech Digital Businesses have historically operated as part of Informa Tech operating segment of Informa and its subsidiaries and not as a standalone entity with separate legal status of existence. Accordingly, accounting policies and procedures were designed for Informa financial reporting and not for the Informa Tech Digital Businesses as a standalone entity.

The material weaknesses were driven by: (i) lack of formal documented policies and procedures and inadequate design and performance of controls over financial reporting, including documented evidence and level of precision in the execution of controls across significant business processes; (ii) ineffective IT general control environment, including lack of segregation of duties, supporting the financial reporting systems that do not utilize the Informa Tech Digital Businesses’ main enterprise resource planning systems of SAP and Oracle; and (iii) lack of sufficient resources with the appropriate level of technical U.S. GAAP accounting knowledge, experience and training to ensure proper accounting for complex, non-routine transactions required for accurate and timely financial reporting.

Management is developing a plan to remediate the material weaknesses identified, including: (a) designing and implementing a financial reporting control framework, including management review controls, together with IT general and application controls for all systems which materially impact financial reporting; and (b) providing relevant U.S. GAAP technical accounting, internal controls over financial reporting and SEC financial reporting requirements training for personnel.

Neither management nor an independent registered public accounting firm has performed an evaluation of the Informa Tech Digital Businesses’ internal control over financial reporting in accordance with the provision of the Sarbanes-Oxley Act because no such evaluation has been required. However, as of the Closing date, the Informa Tech Digital Businesses are part of New TechTarget. Management will therefore be required to certify the effectiveness of New TechTarget’s internal controls over financial reporting pursuant to Section 404(a) of the Sarbanes-Oxley Act and is expected to become subject to auditor attestation requirements pursuant to Section 404(b) of the Sarbanes-Oxley Act, beginning with the filing of New TechTarget’s Annual Report on Form 10-K for the year ended December 31, 2025.

Management cannot assure that they will be successful in remediating the material weaknesses identified in the internal controls over financial reporting as of December 31, 2025. The failure to correct the material weaknesses or the failure to discover and address any other material weaknesses or deficiencies could result in inaccuracies in the financial statements and impair the ability to comply with applicable financial reporting requirements and related regulatory filings on a timely basis.

Exhibit 99.10

INDEX TO CONDENSED COMBINED INTERIM FINANCIAL STATEMENTS

Informa Tech Digital Businesses of Informa PLC Unaudited Interim Condensed Combined Financial Statements:

FS-1

INFORMA TECH DIGITAL BUSINESSES OF INFORMA PLC

CONDENSED COMBINED BALANCE SHEETS

(Expressed in thousands of U.S. Dollars)

(Unaudited)

The accompanying notes form an integral part of these condensed combined financial statements.

FS-2

INFORMA TECH DIGITAL BUSINESSES OF INFORMA PLC

CONDENSED COMBINED STATEMENTS OF INCOME (LOSS)

(Expressed in thousands of U.S. Dollars, except per share amounts)

(Unaudited)

The accompanying notes form an integral part of these condensed combined financial statements.

FS-3

INFORMA TECH DIGITAL BUSINESSES OF INFORMA PLC

CONDENSED COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Expressed in thousands of U.S. Dollars)

(Unaudited)

The accompanying notes form an integral part of these condensed combined financial statements.

FS-4

INFORMA TECH DIGITAL BUSINESSES OF INFORMA PLC

CONDENSED COMBINED STATEMENTS OF CHANGES IN EQUITY

(Expressed in thousands of U.S. Dollars)

(Unaudited)

The accompanying notes form an integral part of these condensed combined financial statements.

FS-5

INFORMA TECH DIGITAL BUSINESSES OF INFORMA PLC

CONDENSED COMBINED STATEMENTS OF CASH FLOWS

(Expressed in thousands of U.S. Dollars)

(Unaudited)

The accompanying notes form an integral part of these condensed combined financial statements.

FS-6

INFORMA TECH DIGITAL BUSINESSES OF INFORMA PLC

NOTES TO THE CONDENSED COMBINED FINANCIAL STATEMENTS

(Expressed in thousands of U.S. Dollars — unless stated otherwise) (Unaudited)

Note 1 — Business overview and basis of presentation

Nature of business

Informa Tech Digital Businesses of Informa PLC (the “Business”) help technology companies accelerate growth through first-party business-to-business (“B2B”) data, market insight and market access. It provides digital solutions that deliver targeted audiences, highly qualified leads, demand generation and buyer intent, helping customers to identify, reach, influence and transact with key technology decision makers. The Business operates through a range of leading B2B brands in specialist technology research (e.g., Omdia, Canalys), specialist digital media (e.g., Industry Dive, Information Week, Light Reading, Heavy Reading, AI Business), and demand generation / buyer intent (NetLine).

The Business has historically operated as part of Informa Tech operating segment of Informa PLC and its subsidiaries (together “Informa” or “Parent”). In these condensed combined financial statements, unless otherwise specified or the context otherwise indicates, all references to Informa refer to the business and operations of the Parent and its consolidated subsidiaries.

Basis of presentation and principles of combination

The accompanying condensed combined financial statements present the historical financial position, results of operations, cash flows and changes in equity of the Business in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial information. Accordingly, certain information and footnote disclosures normally included in the combined financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed combined financial statements are unaudited and, in the opinion of Management, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair statement of the condensed combined cash flows, operating results, and balance sheets for the periods presented. The results of operations for the periods presented are not necessarily indicative of results to be expected for any other interim periods or for the full year. The information included in these condensed combined interim financial statements should be read in conjunction with the “Informa Tech Digital Businesses of Informa PLC Audited Annual Combined Financial Statements” as of December 31, 2023, and 2022, and for the three years in the period ended December 31, 2023, included in the Registration Statement on Form S-4/A (No. 333-280529) dated October 23, 2024.

The Business has historically operated as part of the Parent and not as a standalone entity and prior to the close of the Transaction described below had no separate consolidated legal status of existence. As such, these condensed combined financial statements have been derived from the Parent’s historical accounting records and are presented on a carved-out basis.

The condensed combined financial statements reflect the assets, liabilities, revenues, expenses and cash flows of the entities included within the Business. The financial statements also include allocations of certain general, administrative and sales and marketing expenses from Informa’s corporate office and from other Informa businesses to us and allocations of related assets, liabilities, and Parent investment, as applicable. The allocations have been determined on a reasonable basis; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had we been an entity that operated independently of Informa. Refer to additional discussion of related party allocations in Note 8. Related Party Transactions.

FS-7

Informa uses a centralized approach to cash management and financing of its operations. As part of Informa, the Business is dependent upon Informa for all of its working capital and financing requirements in the periods presented. Financial transactions with the Parent relating to the Business are accounted for through Net Parent investment. Accordingly, none of the Informa’s cash, cash equivalents or debt at the corporate level has been assigned to the Business in the accompanying condensed combined financial statements.

Net Parent investment, which includes retained earnings, represents Informa’s historical investment in the Business, the accumulated net earnings (losses) after taxes and the net effect of settled transactions with and allocations from the Parent. All significant transactions between the Business and Informa have been included in the accompanying condensed combined financial statements for the three and nine months ended September 30, 2024 and September 30, 2023. Transactions with Informa are reflected in the accompanying condensed combined statements of changes in equity as “Net transfers to Parent” and included in the accompanying condensed combined balance sheets within “Net Parent investment.” All transactions reflected in Net Parent investment by the Business in the accompanying combined balance sheets have been considered as financing activities for purposes of the combined statements of cash flows.

The Business is dependent on the Parent for the majority of its working capital and financing requirements during the periods presented in these condensed combined financial statements. The Parent uses a centralized approach to managing cash and financing its operations. Transactions between the Parent and the Business under this approach are treated as related party short-term debt. All cash and cash equivalent balances held by the Business that are not a part of the centralized cash management approach are legally held by the Business and included in the condensed combined financial statements.

The Business has intercompany financing arrangements with the Parent (“related party debt”). These related party financing arrangements between the Business and the Parent have been included in the accompanying condensed combined financial statements for all periods presented. These arrangements were settled prior to the closing date of the Transaction as described below. All other intercompany accounts and transactions between the operations comprising Informa have been eliminated in the accompanying condensed combined financial statements for the three and nine months ended September 30, 2024 and September 30, 2023.

These condensed combined financial statements may not be indicative of the Business’s financial performance and do not necessarily reflect what its results of operations, financial position and cash flows would have been had the Business operated as an independent entity during the periods presented. The amount of actual costs that may have been incurred if the Business were a standalone company would depend on a number of factors, including its chosen organizational structure, which functions were performed by its employees or outsourced and strategic decisions made in areas such as information technology and infrastructure.

The Transaction

On January 10, 2024, Informa entered into an Agreement and Plan of Merger (the “Transaction Agreement”) with TechTarget Holdings, Inc. (formerly known as TechTarget, Inc.) (“Former TechTarget”) and certain Informa and Former TechTarget subsidiaries. Pursuant to the Transaction Agreement, Informa and Former TechTarget, among other things, agreed to combine Former TechTarget with Informa Intrepid Holdings Inc. (“Informa Intrepid”), a wholly owned subsidiary of Informa, to create a new US-listed company, TechTarget, Inc. (“New TechTarget”), a leading platform in B2B data and market access. Former TechTarget is a global data and analytics leader and software provider for buyers of purchase intent-driven marketing and sales data for enterprise technology vendors.

Prior to the closing of the Transaction, Informa undertook certain restructuring transactions to separate the Informa Tech Digital Businesses and as of the Closing Date all Informa Tech Digital Businesses were held directly or indirectly by Informa Intrepid.

FS-8

The Transaction closed on December 2, 2024 (the “Closing Date”). At the closing, in exchange for an aggregate of 41,651,366 shares of New TechTarget’s common stock, par value $0.001 per share (“New TechTarget common stock”), Informa contributed Informa Intrepid and $350.0 million (collectively, the “Contribution”) in cash to New TechTarget. Informa Intrepid merged with and into Former TechTarget, with Former TechTarget as the surviving corporation (the “Merger”). As a result of the Merger, each issued and outstanding share of Former TechTarget common stock as of immediately prior the effective time of the Merger, were converted into the right to receive (i) one share of New TechTarget common stock and (ii) pro rata share amount of the $350.0 million cash contribution. Informa owns approximately 57% of New TechTarget common stock as of the Closing Date.

Refer to Note 11 – Subsequent Events for further information.

Restatement of previously issued financial statements

The Business restated the condensed combined financial statements for the three months ended March 31, 2024 and 2023, as presented within the Form 8-K filed with the SEC on December 6, 2024, which were originally presented in the Toro CombineCo, Inc. Registration Statement on Form S-4, filed with the SEC on June 27, 2024. Net loss for the three months ended March 31, 2024 increased by $4.4 million due to the errors. Restated net loss for the three months ended March 31, 2024 was $20.5 million.

In addition, the Business restated the condensed combined financial statements for the six months ended June 30, 2024, as presented within the Form 8-K filed with the SEC on December 6, 2024, which were originally presented in the Toro CombineCo, Inc. Registration Statement on Form S-4/A, filed with the SEC on September 4, 2024. These previously filed interim unaudited condensed combined financial statements should no longer be relied upon. Net loss for the six months ended June 30, 2024 decreased by $0.7 million due to the errors. Restated net loss for the six months ended June 30, 2024 was $55.3 million.

Note 2 — Summary of significant accounting policies

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. The Business bases these estimates on historical experience, the current economic environment, and on various other assumptions that are believed to be reasonable under the circumstances. However, uncertainties associated with these estimates exist and actual results may differ from these estimates.

Estimates and underlying assumptions reflected in these condensed combined financial statements are reviewed on an ongoing basis, with changes in estimates recognized in the year in which the estimates are revised and in any future periods affected. Significant estimates include assumptions associated with impairment considerations for goodwill and long-lived assets, estimating the fair value of contingent consideration and determining corporate expense allocations.

Segment reporting

In applying the criteria set forth in ASC 280 - Segment Reporting, and in conjunction with a change in the Business’s operating structure and the manner in which the Business’s Chief Operating Decision Maker (“CODM”) assesses information for decision-making purposes, during the first quarter of 2024, the Business realigned its operating segments and presented with retrospective effect herein. As a result of this, the Business has determined it operates as a single operating and reportable segment. The Business’s CODM is its Chief Executive Officer, who reviews key financial information presented on a combined basis for the purposes of making operating decisions, allocating resources, and evaluating financial performance.

FS-9

Earnings (loss) per share

Basic income (loss) per share is determined by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted income (loss) per share is determined by dividing net income (loss) by diluted weighted average shares outstanding during the period. The Business had no common capital structure for the combined business prior to closing. However, as discussed in Note 1 – Business overview and basis of presentation, at the closing of the Transaction, 41,651,366 shares of New TechTarget common stock were issued to Informa in exchange for the Contribution. As such, the total number of shares issued to Informa is being utilized for the calculation of both basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2024 and 2023, as no New TechTarget common stock equivalents were outstanding prior to the Closing Date.

Recent Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures. The ASU is intended to improve financial reporting by requiring disaggregated disclosure of certain costs and expenses. The ASU is effective for fiscal years beginning after December 15, 2026 and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The ASU may be applied on either a prospective or retrospective basis. The Business is currently evaluating the impact of adopting this ASU on its financial statements and disclosures.

There have been no other recent accounting standard updates that are material or potentially material to the Business.

Note 3 — Revenue

Revenue

The Business generates revenues by providing market insight and market access to the technology market, including enterprise technology, artificial intelligence, channel, cyber security, media & entertainment and service providers. Revenue is recognized when performance obligations are satisfied by transferring promised goods or services to clients, as determined by applying a five-step process consisting of: 1) identifying the contract, or contracts, with a client, 2) identifying the performance obligations in the contract, 3) determining the transaction price, 4) allocating the transaction price to the performance obligations in the contract, and 5) recognizing revenue when, or as, performance obligations are satisfied.

FS-10

Disaggregated revenue

Revenue by type: