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Business Combinations | 9 Months Ended
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Jan. 26, 2024
Business Combinations [Abstract] |
Business Combinations | 3. Business Combination Fiscal 2023 Acquisition Instaclustr Acquisition On May 20, 2022, we acquired all the outstanding shares of privately-held Instaclustr US Holding, Inc. (Instaclustr) for approximately $498 million. Instaclustr is a leading platform provider of fully managed open-source database, pipeline and workflow applications delivered as-a-service. The acquisition-date values of the assets acquired and liabilities assumed are as follows (in millions):
|  | Amount |
Cash |  | $ | 4 |
Intangible assets |  |  | 107 |
Goodwill |  |  | 413 |
Other assets |  |  | 19 |
Total assets acquired |  |  | 543 |
Liabilities assumed |  |  | (45 | )
Total purchase price |  | $ | 498 |
The components of the intangible assets acquired were as follows (in millions, except useful life):
|  | Amount |  |  | Estimated useful life (years) |
Developed technology |  | $ | 55 |  |  |  | 5 |
Customer contracts/relationships |  |  | 50 |  |  |  | 5 |
Trade name |  |  | 2 |  |  |  | 3 |
Total intangible assets |  | $ | 107 |  |  |  |
The acquired net assets and assumed debt of Instaclustr were recorded at their estimated values. We determined the estimated values with the assistance of valuations and appraisals performed by third party specialists and estimates made by management. We expect to realize revenue synergies and anticipate opportunities for growth through the ability to leverage additional future products and capabilities. These factors, among others, contributed to a purchase price in excess of the estimated value of their identifiable net assets acquired, and as a result, we have recorded goodwill in connection with the acquisition. The goodwill is not deductible for income tax purposes. The results of operations related to the acquisition of Instaclustr have been included in our condensed consolidated statements of income from the acquisition date. Pro forma results of operations have not been presented because the impact from the acquisition was not material to our consolidated results of operations.

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