On March 1, 2021, we completed the purchase of 100% of the outstanding shares of Ascender HCM Pty Ltd. (“Ascender”) for $359.6 million, subject to working capital and other adjustments. Ascender is a payroll and human resources solutions provider in the Asia Pacific Japan region. We entered into a forward foreign currency contract to hedge the purchase price for the Ascender acquisition which was denominated in Australian dollars, resulting in the recognition of a realized gain of $4.2 million included as a component of other expense, net in our condensed consolidated statement of operations.

The financial results of Ascender have been included within our condensed consolidated financial statements from the acquisition date forward and are classified among both Cloud and Bureau solutions. For the three months ended March 31, 2021, Ascender revenue included within our condensed consolidated statement of operations was $6.7 million. The acquisition of Ascender was recorded using the acquisition method of accounting, in which the assets and liabilities assumed are recognized at their fair value. The purchase accounting has not been finalized as of March 31, 2021, but we have conducted a preliminary assessment of certain assets and liabilities related to the acquisition of Ascender. The intangible assets consist of customer relationships, trade name, and developed technology. We expect to finalize the allocation of the purchase price within the one-year measurement period. After consideration of the Ascender acquisition, management has concluded that we continue to have one operating and reportable segment. This conclusion aligns with how management monitors operating performance, allocates resources, and deploys capital. Pro forma financial information is not presented as the acquisition of Ascender did not qualify as a significant business combination.

The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:

	(Dollars in millions)
Cash and equivalents	$	3.1
Restricted cash		2.0
Trade receivables, prepaid expenses, and other current assets		15.8
Customer funds		16.2
Property, plant, and equipment and other assets		20.2
Goodwill		275.7
Other intangible assets, net		117.5
Accounts payable and other current liabilities		(30.5	)
Customer funds obligations		(16.1	)
Other non-current liabilities		(44.3	)
Total purchase price	$	359.6