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Acquisitions
 9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
2021 Acquisitions
ALE
On September 1, 2021, the Company completed the acquisition of ALE Solutions, Inc. (ALE), a leader in lodging solutions to the insurance industry, for a net purchase price of $426.5 million. The purpose of this acquisition is to expand the Company's lodging business into the insurance vertical. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment.
In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting for ALE is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies.
The following table summarizes the preliminary acquisition accounting for ALE (in thousands):
Current assets$144,584 
Long term assets9,582 
Goodwill142,848 
Intangibles174,592 
Current liabilities(36,657)
Noncurrent liabilities(8,479)
Aggregate purchase price$426,470 
AFEX
On June 1, 2021, the Company completed the acquisition of Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider, for $459.0 million. This includes $210.3 million of cash and cash equivalents and $178.7 million of restricted cash, resulting in a net purchase price of $69.9 million. The purpose of this acquisition is to further expand the Company's cross border payment solutions. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment.
In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business with an estimated fair value of $4.1 million. These noncompete agreements were accounted for separately from the business acquisition.Acquisition accounting for AFEX is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments.
The following table summarizes the preliminary acquisition accounting for AFEX (in thousands):
Trade and other receivables$8,159 
Prepaid expenses and other current assets108,402 
Property, plant and equipment1,723 
Other long term assets50,912 
Goodwill254,664 
Intangibles242,100 
Accounts payable and accrued expenses(39,272)
Other current liabilities(81,430)
Customer deposits(375,049)
Other noncurrent liabilities(100,265)
Aggregate purchase price$69,944 
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
Useful Lives (in Years)Value
Trade Name and Trademarks 2$5,400 
Licensed Software and Technology202,600 
Proprietary Technology411,800 
Supplier Network 201,800 
Customer Relationships 10220,500 
$242,100 
Roger
On January 13, 2021, the Company completed the acquisition of Roger, rebranded CorpayOne, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. Acquisition accounting for Roger is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and evaluation of acquired contingencies.
The following table summarizes the preliminary acquisition accounting for Roger (in thousands):
Accounts and other receivables$110 
Prepaid expenses and other current assets37 
Other assets 28 
Goodwill35,676 
Other intangibles5,400 
Current liabilities (925)
Deferred income taxes (1,323)
Aggregate purchase price$39,003 
The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
Useful Lives (in Years)Value
Proprietary Technology10$4,800 
Customer Relationships9600 
$5,400 
Other
During 2021, the Company made investments in other businesses of $4.4 million. The Company financed the investments using a combination of available cash and borrowings under its existing credit facility.
2020 Acquisitions
On August 10, 2020, the Company completed the acquisition of a business in the lodging space in the U.S. The results from the acquisition are reported in the North America segment. On November 30, 2020, the Company completed the acquisition of a fuel card provider in New Zealand. The results from the acquisition are reported in the International segment. The aggregate purchase price of these acquisitions was approximately $77.6 million, net of cash acquired. The Company financed these acquisitions using a combination of available cash and borrowings under its existing credit facility. The Company signed noncompete agreements with certain parties affiliated with the lodging business with an estimated fair value of $3.8 million. These noncompete agreements were accounted for separately from the business acquisitions.
The following table summarizes the acquisition accounting (in thousands):
Accounts and other receivables$4,975 
Prepaid expenses and other current assets145 
Property and equipment3,178 
Other assets 1,049 
Goodwill28,038 
Other intangibles42,144 
Current liabilities (1,147)
Deferred income taxes (782)
Aggregate purchase price$77,600 
The fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):
Useful Lives (in Years)Value
Trade Name and Trademarks 5$2,161 
Licensed Software and Technology104,400 
Proprietary Technology58,400 
Supplier Network 10783 
Customer Relationships 1626,400 
$42,144 
The accounting for the acquisition of a fuel card provider in New Zealand acquisition is preliminary and subject to working capital adjustments.