Mike Cotoia: Bruce, yes, we expect that to be in the low to mid-30s. When we talk about ’24, with the pullback in the continued macro environment, that’s why like when we look at this combination that we’re doing, we just feel like this is the absolute right time to be doing this. And when you take a look at what we evaluate when we acquire or do, evaluate different assets, we look at a few things. We look at audience and we look at permission-based audiences. We look at first-party insights, and as we predicted the last couple of years and going into 2025, first-party purchase intent insights are going to be a premium. We look at content and content capabilities in order to drive more revenue on the long-term contracts and look for penetration into new tech-enabled vertical markets.
So we take a look at the assets and the quality assets that we are merging with Informa Tech’s digital business around Industry Dive and around Omdia and there’s so many special digital media brands in that line, can be a business which is around the intelligence research and advisory combined with our Enterprise Strategy Group business. If you take a look at the Omdia business, about 65% of their revenue is under long-term contracts. So really important now, the timing is right now to get all of these assets, quality assets together combined, integrated and be ready for the recovery. So yes, we might be in the low to mid-30s this year but our 3- to 5-year plan is to have revenue over 50% on the long-term revenue contracts.
Bruce Goldfarb: And then in terms of the merger with Informa Tech, are you getting any inbound inquiries from Informa Tech customers regarding working with TechTarget?
Mike Cotoia: No, we haven’t got any inbound Informa Tech customers inbound to us on this. I mean, we’re working right now, as we mentioned in the shareholder letter, and I think Greg’s introduction, yes, we’re really happy with the progress that we’ve made. We have really strong conviction on the timing of this. We’re focused on our business as usual but also making sure that we’re ready for the combination, which we are still scheduled to have complete in the second half of 2024. But we haven’t heard directly from Informa Tech customers reaching out to us.
Bruce Goldfarb: And then I saw like you weren’t active on buyback during the quarter. Are you likely quiet until after the Informa Tech transaction closes?
Mike Cotoia: Yes. I think we’re going to be pretty quiet. Yes, we’re going to be pretty quiet on that. I think that is, [indiscernible] November 2024 anyway.
Bruce Goldfarb: Great, so it’s coming up anyway. Congrats on the results.
Mike Cotoia: Thank you.
Operator: There are no additional questions waiting at this time. I would like to pass the conference back over to the management team for closing remarks.
Mike Cotoia: No other questions? No closing remarks. We appreciate everybody joining and talk to you next quarter.
Greg Strakosch: Thank you, everyone.
Operator: That concludes the TechTarget reports first quarter 2024 conference call and webcast. Thank you for your participation, and enjoy the rest of your day.
