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Business Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Acquisitions Business Acquisitions
LifeYield
On December 10, 2024, the Company acquired LifeYield, LLC (LifeYield), a Boston-based, tax-smart technology firm to provide real-time, automated unified managed household (UMH) capabilities in a cost-effective, fully bundled overlay solution.
Under the acquisition method of accounting, the total purchase price was allocated to the net tangible and intangible assets of LifeYield based upon their estimated fair values as of December 10, 2024.
The total purchase price for LifeYield was $29,000, net of cash acquired, paid in cash at closing along with a contingent consideration of $11,910 subject to the achievement of certain post-closing performance measurements determined during a time period up to four years from the closing date.
The purchase price allocation related to the LifeYield acquisition is as follows:
Estimated Fair ValueEstimated Useful Life
Other assets$1,191 
Goodwill33,131 
Identifiable intangible assets:
Acquired technology8,040 7 years
Client relationships590 10 years
Trade name220 3 years
Current liabilities, net of current assets(1,545)
Long-term liabilities(717)
Contingent consideration(11,910)
Net cash consideration$29,000 
The results of operations of LifeYield are included in the Investment Advisors 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.
XPS Pensions (Nexus) Limited
In November 2023, the Company's wholly-owned operating subsidiary in the United Kingdom, SIEL, acquired all of the outstanding equity of XPS Pensions (Nexus) Limited. The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $14,492 and is included in the accompanying Consolidated Balance Sheets (See Note 16). The total purchase price for XPS Pensions (Nexus) Limited included a contingent consideration payable to the sellers subject to the achievement of certain post-closing performance measurements determined during intervals occurring within two years immediately following the closing date. During 2024, the Company made an adjustment of $1,547 which reduced the fair value of the contingent consideration. The fair value adjustment to the contingent consideration is reflected in Facilities, supplies and other costs on the Consolidated Statement of Operations. As of December 31, 2024, the fair value of the contingent consideration of $2,445 is included in Other long-term liabilities on the accompanying Balance Sheet.
Altigo
In December 2023, the Company acquired substantially all of the assets comprising Altigo. The excess purchase price over the estimated value of the net tangible and identifiable intangible assets was allocated to goodwill. The total amount of goodwill from this transaction amounted to $6,960 and is included in the accompanying Consolidated Balance Sheets (See Note 16).