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Acquisition (Notes)
 12 Months Ended
Jul. 31, 2025
Business Combination [Abstract]  
Acquisition Acquisitions
On April 16, 2025, the Company completed its acquisition of Quantee Sp. z o.o. (“Quantee”), a Poland-based insurtech company specializing in dynamic pricing software, for net cash consideration of approximately $27.9 million, subject to transaction adjustments to cover potential claims and indemnities after closing. Additionally, the Company awarded $6.4 million in holdback consideration subject to service conditions subsequent to closing.
In conjunction with the purchase price allocation, the Company determined that Quantee’s separately identifiable intangible assets were acquired technology and customer relationships. The valuation models were based on estimates of future operating projections of Quantee and rights to sell new products containing the acquired technology, as well as judgments on the discount rates used and other variables. The Company developed forecasts based on a number of factors, including future revenue and operating cost projections, a discount rate that is representative of the weighted average cost of capital, and royalty and long-term sustainable growth rates based on a market analysis. These fair value measurements were based on significant inputs that were not observable in the market and thus represents a Level 3 measurement. The Company amortizes the acquired intangibles over their estimated useful lives as set forth in the table below.
The preliminary allocation of purchase price is pending the final working capital adjustment and the resolution of certain post-closing matters, and is therefore subject to potential future measurement period adjustments. The measurement period will end no later than April 15, 2026.
The preliminary allocation of the purchase consideration included goodwill of $21.4 million related to the acquired workforce, expected synergies, and the opportunity to sell into and expand the Company’s customer base. The goodwill recorded is not expected to be deductible for income tax purposes. The preliminary allocation also consisted of amounts allocated to acquired technology and customer relationships.
Pro forma and historical financial information has not been provided as the acquisition was not material to the consolidated financial statements.