NOTE 5—GOODWILL

Goodwill is recorded when the consideration paid for an acquisition of a business exceeds the fair value of identifiable net tangible and intangible assets. The following table summarizes the changes in goodwill since June 30, 2011:


Balance, June 30, 2011	$	832,481
Acquisition of MessageManager (note 17)		2,058
Acquisition of Operitel (note 17)		4,282
Acquisition of Global 360 (note 17)		201,934
Adjustments on account of foreign exchange		(612	)

Balance, December 31, 2011	$	1,040,143