12. Acquisitions Jibe Consulting, Inc. Effective May 1, 2017, the Company acquired certain assets and liabilities of Jibe Consulting, Inc. (Jibe), a U.S.-based Oracle E-Business Suite and Oracle Cloud Business Application implementation firm. The acquisition of Jibe enhanced the Companys Cloud Application capabilities and strongly complements its market leading EPM transformation and technology implementation group. The sellers purchase consideration was $5.4 million in cash, not subject to vesting, and $3.6 million in shares of the Companys common stock, subject to vesting. The initial cash consideration was funded from borrowings under the Revolver. The equity that was issued has a four-year vesting term and will be recorded as compensation expense over the respective vesting period. In addition, the sellers had the opportunity to earn an additional $6.6 million in cash and $4.4 million in Company common stock based on the achievement of the performance targets over the 18 month period following closing for a total of $11.0 million in contingent consideration, a portion of which was to be allocated to key employees in both cash and Company common stock, subject to vesting. As of October 1, 2019, the earnout was finalized and subsequently settled, resulting in a benefit of $0.1 million and $1.1 million during the quarter and nine months ended September 27, 2019, respectively. During the third quarter and nine months ended September 28, 2018, the Company recorded expense of $0.8 million and a benefit of $3.8 million in earnings from operations on the consolidated statement of operations related to the contingent earnout liability for the Jibe acquisition earnout expectations. The cash related to the contingent consideration, which is to be paid to the sellers, is not subject to service vesting and has been accounted for as part of the purchase consideration. The cash related to the contingent consideration, which is to be paid to the key employees, is subject to service vesting and is being accounted for as compensation expense. During the quarter and nine months ended September 27, 2019, the Company recorded a benefit of $32 thousand and $0.2 million, respectively, in personnel costs before reimbursements on the consolidated statement of operations leading up to the finalization of the earnout. During the third quarter and nine months ended September 28, 2018, the Company recorded expense of $0.1 million and a benefit of $0.1 million in earnings from operations on the consolidated statement of operations related to the change in contingent earnout liability for the Jibe acquisition earnout expectations. These contingent liabilities have been recorded in the consolidated balance sheet as current accrued expenses and other liabilities. The equity related to the contingent consideration will be subject to service vesting and will be recorded as compensation expense over the respective vesting period. The Company recorded expense of $34 thousand and a benefit of $0.2 million during the quarter and nine months ended September 27, 2019, of acquisition-related non-cash stock compensation in cost of sales on the consolidated statement of operations. Aecus Limited Effective April 6, 2017, the Company acquired 100% of the equity of the U.K.-based operations of Aecus Limited (Aecus), a European Outsourcing Advisory and RPA consulting firm. This acquisition complemented the global strategy and business transformation offerings of the Hackett Group. The sellers purchase consideration was 3.2 million in cash. The closing purchase consideration was funded with the Companys available funds. In addition, the sellers had the opportunity to earn an additional 2.4 million in contingent consideration in cash based on the achievement of performance targets achieved over the next 12 months, and key personnel had the opportunity to earn 0.3 million in cash and 0.3 million in the Companys common stock. The contingent consideration for the selling shareholders and key personnel is subject to performance and service periods and will be accounted for as compensation expense in non-current accrued expenses and other liabilities. The Aecus earnout settlement was completed during the quarter ended September 27, 2019 and resulted in personnel costs before reimbursements on the consolidated statement of operations of $0.2 million and $24 thousand during the quarter and nine months ended September 27, 2019, respectively related to the cash portion of the earnout. 12. Acquisitions (continued) Chartered Institute of Management Accountants Effective October 2017, the Company acquired The Chartered Institute of Management Accountants' share of the Certified GBS Professionals program. This acquisition allows those studying under the program and their employers to benefit further from the Companys sector specific expertise and focus on the growing global business services market. Purchase consideration was $2.0 million in cash and was funded with the Companys available funds. Also in connection with this transaction, the Alliance and Program Development Agreement between the Company, Hackett-REL, Ltd. and The Chartered Institute of Management Accountants was terminated.