Business combinations (Tables)
|
6 Months Ended |
Mar. 31, 2016 |
|---|
| Business Acquisition [Line Items] |
|
| Schedule of valuation of the intangible assets acquired |
The valuation of the intangible assets acquired is summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ascend |
|
Assessments Australia |
(dollars in thousands) |
|
Useful life |
|
Fair value |
|
Useful life |
|
Fair value |
Customer relationships |
|
19 years |
|
$ |
20,400 |
|
|
6 years |
|
$ |
365 |
|
Trade name |
|
1 year |
|
1,700 |
|
|
|
|
— |
|
Technology-based intangible assets |
|
8 years |
|
200 |
|
|
|
|
— |
|
Total intangible assets |
|
|
|
$ |
22,300 |
|
|
|
|
$ |
365 |
|
|
| Ascend & Assessments Australia |
|
| Business Acquisition [Line Items] |
|
| Schedule of assets and liabilities recorded in the Company's financial statements at their fair values at the acquisition date |
Our provisional allocation of fair value for both the Ascend and Assessments Australia acquisitions, updated through March 31, 2016, are shown below.
|
|
|
|
|
|
|
|
|
|
|
|
Assets acquired as of respective acquisition dates |
(dollars in thousands) |
|
Ascend |
|
Assessments Australia |
Cash, net of cash acquired |
|
$ |
39,273 |
|
|
$ |
2,569 |
|
Contingent consideration obligations |
|
2,915 |
|
|
110 |
|
Fair value of consideration |
|
$ |
42,188 |
|
|
$ |
2,679 |
|
|
|
|
|
|
Billed and unbilled receivables |
|
$ |
4,069 |
|
|
$ |
507 |
|
Other assets |
|
251 |
|
|
184 |
|
Property and equipment |
|
660 |
|
|
206 |
|
Intangible assets |
|
22,300 |
|
|
365 |
|
Total identifiable assets acquired |
|
27,280 |
|
|
1,262 |
|
Accounts payable and other liabilities |
|
1,502 |
|
|
674 |
|
Deferred revenue |
|
— |
|
|
479 |
|
Total liabilities assumed |
|
1,502 |
|
|
1,153 |
|
Net identifiable assets acquired |
|
25,778 |
|
|
109 |
|
Goodwill |
|
16,410 |
|
|
2,570 |
|
Net assets acquired |
|
$ |
42,188 |
|
|
$ |
2,679 |
|
|
| Acentia LLC |
|
| Business Acquisition [Line Items] |
|
| Schedule of assets and liabilities recorded in the Company's financial statements at their fair values at the acquisition date |
We have completed the process of allocating the acquisition price to the fair value of the assets and liabilities of Acentia at the acquisition date. During fiscal year 2016, we have completed our identification of tax assets and liabilities as of the acquisition date.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(dollars in thousands) |
|
Updated through September 30, 2015 |
|
Adjustments |
|
Updated through March 31, 2016 |
Estimated purchase consideration, net of cash acquired |
|
$ |
293,504 |
|
|
$ |
— |
|
|
$ |
293,504 |
|
Billed and unbilled receivables |
|
$ |
35,333 |
|
|
$ |
— |
|
|
$ |
35,333 |
|
Other assets |
|
5,050 |
|
|
(1,959 |
) |
|
3,091 |
|
Property and equipment |
|
2,140 |
|
|
— |
|
|
2,140 |
|
Intangible assets — customer relationships |
|
69,900 |
|
|
— |
|
|
69,900 |
|
Total identifiable assets acquired |
|
112,423 |
|
|
(1,959 |
) |
|
110,464 |
|
Accounts payable and other liabilities |
|
32,426 |
|
|
(1,076 |
) |
|
31,350 |
|
Deferred revenue |
|
251 |
|
|
— |
|
|
251 |
|
Capital lease obligations |
|
567 |
|
|
— |
|
|
567 |
|
Deferred tax liabilities |
|
— |
|
|
6,741 |
|
|
6,741 |
|
Total liabilities assumed |
|
33,244 |
|
|
5,665 |
|
|
38,909 |
|
Net identifiable assets acquired |
|
79,179 |
|
|
(7,624 |
) |
|
71,555 |
|
Goodwill |
|
214,325 |
|
|
7,624 |
|
|
221,949 |
|
Net assets acquired |
|
$ |
293,504 |
|
|
$ |
— |
|
|
$ |
293,504 |
|
|