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Business Acquisitions (Text Block)
12 Months Ended
Jun. 30, 2021
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]  
Business Acquisitions [Text Block] BUSINESS ACQUISITIONS
Geezeo
On July 1, 2019, the Company acquired all of the equity interest of Geezeo for $37,776 paid in cash. The primary reason for the acquisition was to expand the Company's digital financial management solutions and the purchase was funded by cash generated from operations. Geezeo is a Boston-based provider of retail and business digital financial management solutions.
Management completed a purchase price allocation and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired, and liabilities assumed, based on their fair values as of July 1, 2019 are set forth below:
Current assets$8,925 
Long-term assets397 
Identifiable intangible assets19,114 
Deferred income tax liability(2,593)
Total other liabilities assumed(7,457)
Total identifiable net assets18,386 
Goodwill19,390 
Net assets acquired$37,776 
Measurement period adjustments were made during the second quarter of fiscal 2020 relating to accrued expenses and working capital, which resulted in adjustments to the goodwill amount recorded. Additional measurement period adjustments were made during the third quarter of fiscal 2020 relating to income taxes.
The goodwill of $19,390 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Geezeo, together with the value of Geezeo's assembled workforce. The goodwill from this acquisition has been allocated to our Complementary segment and is not deductible for income tax purposes.
Identifiable intangible assets from this acquisition consist of customer relationships of $10,522, computer software of $5,791, and other intangible assets of $2,801. The amortization period for acquired customer relationships, computer software, and other intangible assets is 15 years for each.
Current assets were inclusive of cash acquired of $7,400. The fair value of current assets acquired included accounts receivable of $1,373, none of which were expected to be uncollectible.
Costs incurred related to the acquisition of Geezeo in fiscal 2020 totaled $30 for professional services, travel, and other fees, and were expensed as incurred and reported within cost of revenue and selling, general, and administrative expense.
The Company's consolidated statement of income for the fiscal year ended June 30, 2021 included revenue of $13,233 and after-tax net income of $4,805 resulting from Geezeo's operations. The Company's consolidated statement of income for the fiscal year ended June 30, 2020 included revenue of $8,969 and after-tax net income of $654 resulting from Geezeo's operations.
The accompanying consolidated statement of income for the fiscal year ended June 30, 2020 does not include any revenues and expenses related to this acquisition prior to the acquisition date. The impact of this acquisition was considered immaterial to the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided.
BOLTS Technologies, Inc.
On October 5, 2018, the Company acquired all of the equity interest of BOLTS for $15,046 paid in cash. The acquisition was funded by cash generated from operations. BOLTS is the developer of boltsOPEN, a digital account opening solution.
Costs incurred related to the acquisition of BOLTS in fiscal 2019 totaled $23 for legal, valuation, and other fees, and were expensed as incurred within selling, general, and administrative expense.
For the fiscal year ended June 30, 2021, the Company's consolidated statement of income included revenue of $1,223 and after-tax net loss of $382 resulting from BOLTS' operations. For the fiscal years ended June 30, 2020 and 2019, the Company's consolidated statement of income included revenue of $158 and $126, respectively, and after-tax net loss of $801 and $895, respectively, resulting from BOLTS' operations.
Agiletics, Inc.
On October 1, 2018, the Company acquired all of the equity interest of Agiletics for $7,649 paid in cash. The acquisition was funded by cash generated from operations. Agiletics is a provider of escrow, investment, and liquidity management solutions for banks serving commercial customers.
Costs incurred related to the acquisition of Agiletics in fiscal 2019 totaled $36 for legal, valuation, and other fees, and were expensed as incurred within selling, general, and administrative expense.
For the fiscal year ended June 30, 2021, the Company's consolidated statement of income included revenue of $1,877 and after-tax net income of $387 resulting from Agiletics' operations. For the fiscal years ended June 30, 2020 and 2019, the Company's consolidated statement of income included revenue of $1,566 and $926, respectively, and after-tax net income of $213 and after tax net loss of $192, respectively, resulting from Agiletics' operations.