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Business Combinations | 12 Months Ended
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Jun. 30, 2020
Business Combinations |
Business Combinations | ​ ​ (6) Business Combinations ​ In April 2020, the Company acquired all of the shares outstanding of VidGrid, Inc. (“VidGrid”) through a merger for purchase price consideration of $17,256. VidGrid, Inc. is a leading video platform provider that enables peer-to-peer video learning courses, transforming video into two-way communication. This transaction expands the Company’s product functionality around workplace video communication and reaffirms its commitment to stronger employee collaboration, engagement and retention while helping clients prepare for the workplaces of the future. The Company paid $15,506 upon closing and deposited an additional $1,750 to be held in escrow for fifteen months after the acquisition date for potential indemnification claims. ​ The Company accounts for business combinations in accordance with ASC 805, Business Combinations. The Company recorded the acquisition using the acquisition method of accounting and recognized assets at their fair value as of the date of acquisition, with the excess recorded to goodwill. The fair values of assets acquired and liabilities assumed may change over the measurement period as additional information is received. The primary area that is subject to change is deferred taxes. The measurement period will end no later than one year from the acquisition date. The following table summarizes the preliminary allocation of the purchase price for VidGrid: ​
​ | ​ | ​ | ​ | ​
​ | ​ | April 3, 2020 | ​
Proprietary technology | ​ | $ | 2,962 | ​
Client relationships | ​ |  | 1,070 | ​
Non-solicitation agreements | ​ | ​ | 750 | ​
Trade name | ​ | ​ | 350 | ​
Goodwill | ​ | ​ | 12,065 | ​
Other assets acquired | ​ | ​ | 733 | ​
Liabilities assumed | ​ | ​ | (674) | ​
Total purchase price | ​ | $ | 17,256 | ​
​ The results from this acquisition have been included in the Company’s consolidated financial statements since the closing of the acquisition. Pro forma information was not presented because the effect of the acquisition was not material to the Company’s consolidated financial statements. The goodwill associated with this acquisition is not deductible for income tax purposes. Direct costs related to the acquisition were recorded as General and administrative expenses as incurred.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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