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The strong cash flow will enable us to return to a debt-free status as we exit Q1 2025, paying off the remainder of the $1 billion debt inherited from the NuVasive merger. The acquisition of Nevro further expands our reach into the musculoskeletal market, adding an additional $2 billion market space for us to compete in and grow.
Private equity’s role in M&A in 2024 In 2023, the financial services (FS) industry experienced a decline in mergers and acquisitions (M&A) for the second consecutive year. Despite this downward trend, the 2024 outlook for the FS M&A landscape is generally optimistic.
We closed a retail lending add-on in conjunction with the merger of equals between two community banks. Integrating credit cultures and portfolio management are key to the success of a bank merger, and we're proud to see another growth-minded bank leveraging nCino to help with these mission-critical merger activities.
And third, we're in the process of improving our growth performance, specifically our user acquisition through better use of data and stronger models. Could you just talk a little bit more about, I guess, what was not an immediate integration when the -- when the -- when the acquisition was made? We now have one. We now have one.
We have made a decision to deemphasize our growth on the ProfessionalServices side and lower-margin business, and we're really thrilled to be able to rely on partners like Capgemini and Booz. And as John mentioned, we're reducing our reliance on ProfessionalServices as we build that scale to be a profitable business.
In December 2023, we acquired a 100% equity interest in a global mobile application service provider, in line with our strategic transformation. This acquisition is intended to enhance our game promotion and distribution capabilities in international markets. Let's move on to our Q4 financial details. Net loss attributable to Huya Inc.
To win the digital analytics category, we need to deliver the data and insights customers need and help them take the actions that will drive acquisition, growth, retention, and expansion. Our recent Command AI acquisition accelerates this ambition. We see immense opportunity for AI to let us deliver more customer value.
only as the Callon acquisition was subsequently closed on April 1st. On the call today, I will review our first quarter performance, discuss the compelling opportunities we are seeing after the closing of the Callon acquisition, and review our activity plan and production expectations for the remainder of 2024.
This will also help public and corporate leaders to better assess cyber risks and liabilities, so they can develop effective strategies and mitigate potential impacts. Q3 revenue also benefited from a stronger contribution of our professionalservices, driven by elevated breach activity across legacy and competing platforms.
On October 1, we closed on our acquisition of Global Infrastructure Partners. Our planned acquisition of Preqin is accelerating this exciting private markets data and analytics journey for BlackRock and our clients. The combination triples infrastructure AUM and doubles private markets run-rate management fees.
And KPMG has announced a multibillion-dollar commitment to our cloud and AI services to transform professionalservices. Last week, we extended our Activision Blizzard merger agreement deadline to October. Snowflake, for example, will increase its Azure spend as it builds new integrations with Azure OpenAI.
Professionalservices revenue contributed $2.4 million in the quarter as we continued to shift services revenue to our growing partner network. Half of the net new ARR for Device42 originated from the Freshworks field team as we realized cross-sell synergies from the acquisition. Starting with the income statement.
You'll also recall, we discussed the acquisition of DocFox on our last earnings call. This acquisition provides us with new onboarding and account opening capabilities for small business and commercial banking. Professionalservices revenues were $17.7 We use cash on hand to fund the acquisition of Allegro.
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