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Business Acquisitions
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Business Acquisitions Business Acquisitions
Finomial
On October 18, 2021, the Company acquired all ownership interests of Finomial Corporation (Finomial), an investor lifecycle management firm offering cloud-native financial technology. Under the acquisition method of accounting, the total purchase price was allocated to Finomial's net tangible and intangible assets based upon their estimated fair values as of October 18, 2021. The total purchase price for Finomial was $8,217. The Company acquired $22 in cash during the acquisition, resulting in $8,195 net cash paid for Finomial.
The purchase price allocation related to the Finomial acquisition is as follows:
Estimated Fair ValueEstimated Useful Life
Current assets, net of current liabilities$214 
Property and equipment, net38 
Goodwill3,825 
Identifiable intangible assets:
Acquired technology3,010 10 years
Client relationships1,030 2 years
Trade names100 5 years
Net cash consideration$8,217 
The results of operations of Finomial are included in the Investment Managers segment and are reflected in the Company's Consolidated Statement of Operations since the completion of the acquisition on October 18, 2021. Any goodwill generated for income tax purposes from the acquisition is fully deductible (See Note 15).
Pro forma information has not been presented because the effect of the Finomial acquisition is not material to the Company's consolidated financial results.
Novus
On November 12, 2021, the Company acquired all ownership interests of Novus Partners (Novus), a global portfolio intelligence platform company, to expand the Company's capabilities for clients of the Institutional Investors segment. Under the acquisition method of accounting, the total purchase price was allocated to Novus' net tangible and intangible assets based upon their estimated fair values as of November 12, 2021. The total purchase price for Novus was $72,496. The Company acquired $532 in cash during the acquisition, resulting in $71,964 net cash paid for Novus. According to the terms of the purchase agreement, a portion of the purchase price was placed into escrow to indemnify the Company of any pre-acquisition damages. As of December 31, 2021, the balance available in escrow was $4,244.
The purchase price allocation related to the Novus acquisition is as follows:
Estimated Fair ValueEstimated Useful Life
Property and equipment, net$220 
Other assets6,236 
Goodwill48,911 
Identifiable intangible assets:
Acquired technology20,260 7 years
Client relationships6,240 2 years
Trade names1,430 20 years
Current liabilities, net of current assets(4,463)
Long-term liabilities(6,338)
Net cash consideration$72,496 
The results of operations of Novus are included in the Institutional Investors segment and are reflected in the Company's Consolidated Statement of Operations since the completion of the acquisition on November 12, 2021. Any goodwill generated for income tax purposes from the acquisition is not deductible (See Note 15).
Pro forma information has not been presented because the effect of the Novus acquisition is not material to the Company's consolidated financial results.
Huntington SteeleIn April 2018, the Company acquired all ownership interests of Huntington Steele, LLC (Huntington Steele). The total purchase price for Huntington Steele included a contingent purchase price payable to the sellers upon the attainment of specified financial measures determined at various intervals occurring between 2019 and 2023. The Company made payments of $3,965 and $633 during 2021 and 2020, respectively, to the sellers and recorded fair value adjustments of $1,274 and $893 during 2021 and 2020, respectively, to increase the fair value of the remaining contingent consideration. As of December 31, 2021, the current portion of the contingent consideration of $918 is included in Accrued liabilities on the accompanying Balance Sheet. The long-term portion of the contingent consideration of $8,906 is included in Other long-term liabilities on the accompanying Balance Sheet.