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Acquisitions
3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Acquisitions were accounted for as business combinations using the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. Purchase price was allocated to the respective identifiable assets acquired and liabilities assumed based on the estimated fair values at the date of acquisitions. The results of operations for the following acquired businesses are included in the consolidated results of the Company from the respective dates of acquisition. Pro forma information for these acquired businesses is not provided because they did not have a material effect, individually or in the aggregate, on the Company’s consolidated results of operations.
Acquisition of Payfare
On March 2, 2025, the Company acquired Payfare, Inc. (“Payfare”), a Canada-based provider of program management solutions powering instant access to earnings and banking solutions for workforces, for a purchase price, including deferred payments, of $95 million, net of $46 million of acquired cash. Payfare is included within the Financial Solutions (“Financial”) segment and expands the Company’s embedded finance capabilities.
The preliminary allocation of purchase price resulted in the recognition of identifiable intangible assets, including acquired software and technology, of approximately $37 million with an estimated useful life of 7 years, $55 million of goodwill and $49 million of other net assets, including acquired cash. The allocation of the purchase price is preliminary and is subject to further adjustment, pending additional refinement and final completion of valuations. Goodwill, which is not deductible for tax purposes, is primarily attributed to the anticipated value created by further enhancing the Company’s finance solutions in embedded banking, payments and lending for large enterprises and financial institutions.
Acquisition of CCV
On March 18, 2025, the Company acquired CCV Group B.V. (“CCV”), a Netherlands-based supplier of point-of sale (“POS”) payment solutions, for $229 million, net of $26 million of acquired cash. CCV is included within the Merchant Solutions (“Merchant”) segment and expands the Company’s network of payment solutions.
The preliminary allocation of purchase price resulted in the recognition of identifiable intangible assets, including customer relationships, of approximately $96 million with an estimated useful life of 5 years, $121 million of goodwill and $38 million of other net assets, including acquired cash. The allocation of the purchase price is preliminary and is subject to further adjustment, pending additional refinement and final completion of valuations. Goodwill, which is not deductible for tax purposes, is primarily attributed to the anticipated value created by enabling the Company’s ability to accelerate the deployment of its Clover POS and business management platform, providing enhanced capabilities and innovation to an expansive combined merchant and partner base across Europe.