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Business Acquisitions
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Business Acquisitions Business Acquisitions
XPS Pensions (Nexus) Limited
On November 20, 2023, the Company's wholly-owned operating subsidiary in the United Kingdom, SIEL, acquired all of the outstanding equity of XPS Pensions (Nexus) Limited, principal employer and scheme funder of the National Pensions Trust (NPT), from its parent company, XPS Pensions Group PLC (XPS) to expand its presence in the defined contribution market in the United Kingdom.
Under the acquisition method of accounting, the total purchase price was allocated to the net tangible and intangible assets of XPS Pensions (Nexus) Limited based upon their estimated fair values as of November 20, 2023.
The total purchase price for XPS Pensions (Nexus) Limited was $46,205 in cash consideration and a contingent consideration of $3,932 subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date.
The Company acquired $2,306 in cash during the acquisition, resulting in $43,899 net cash paid for XPS Pensions (Nexus) Limited.
The purchase price allocation related to the XPS Pensions (Nexus) Limited acquisition is as follows:
Estimated Fair ValueEstimated Useful Life
Current assets, net of current liabilities$2,528 
Property and equipment, net440 
Goodwill14,492 
Identifiable intangible assets:
Client relationships32,677 10 years
Contingent consideration(3,932)
Net cash consideration$46,205 
The results of operations of XPS Pensions (Nexus) Limited are included in the Institutional Investors segment and are reflected in the Company's Consolidated Statement of Operations since the completion of the acquisition. Any goodwill generated for income tax purposes from the acquisition is fully deductible (See Note 16).
Pro forma information has not been presented because the effect of the acquisition is not material to the Company's consolidated financial results.
Altigo
On December 20, 2023, the Company acquired substantially all of the assets comprising Altigo, a cloud-based technology platform that provides inventory, e-subscription, and reporting capabilities for alternative investments.
Under the acquisition method of accounting, the total purchase price was allocated to the net tangible and intangible assets related to the Altigo platform based upon their estimated fair values as of December 20, 2023. The total purchase price for Altigo was $12,536.
The purchase price allocation related to the Altigo acquisition is as follows:
Estimated Fair ValueEstimated Useful Life
Current assets, net of current liabilities$36 
Goodwill6,960 
Identifiable intangible assets:
Acquired technology5,240 5 years
Trade name300 3 years
Net cash consideration$12,536 
The results of operations of Altigo are included in the Investments in New Businesses segment and are reflected in the Company's Consolidated Statement of Operations since the completion of the acquisition. Any goodwill generated for income tax purposes from the acquisition is fully deductible (See Note 16).
Pro forma information has not been presented because the effect of the acquisition is not material to the Company's consolidated financial results.
Huntington Steele
In 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 which is determined at various intervals occurring between 2019 and 2023. In July 2023, the Company exercised its option to settle the contingent consideration. The Company made total payments of $8,799 and $868 during 2023 and 2022, respectively, to the sellers related to the contingent consideration. As of December 31, 2023, the Company no longer has any obligation for future payments to the sellers related to the acquisition of Huntington Steele.