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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Purchase Consideration Transferred | The purchase consideration transferred consisted of the following:
| Purchase consideration
Cash paid to stockholders | $ | 50.0 |
Cash paid for extinguishing shadow stock units | 3.2 |
Transaction costs paid by Dropbox on behalf of FormSwift | 2.0 |
Cash purchase consideration | $ | 55.2 |
Indemnification holdback (1) | 14.3 |
Purchase price adjustments | (0.2) |
Total purchase consideration | $ | 69.3 |
(1) Approximately $14.3 million of the total purchase consideration was withheld as an indemnification holdback to be used for the purpose of satisfying any indemnification claims made by the Company for a period of 18 months following the transaction close date. Any remaining indemnity will be released to the seller's representative following the 18 month period.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase consideration was allocated to the tangible and intangible assets and liabilities acquired as of the acquisition date, with the excess recorded to goodwill as shown below. The fair value of assets and liabilities acquired may change as additional information is received during the measurement period. The measurement period will end no later than one-year from the acquisition date.
Assets acquired: |
Cash and cash equivalents | $ | 0.4 |
Acquisition-related intangible assets | 41.2 |
Accounts receivable, prepaid and other assets | 3.4 |
Total assets acquired | $ | 45.0 |
Liabilities assumed: |
Accounts payable, accrued and other liabilities | $ | 4.6 |
Deferred revenue | 6.6 |
Total liabilities assumed | 11.2 |
Net assets acquired, excluding goodwill | 33.8
Total purchase consideration | 69.3
Goodwill (2) | $ | 35.5 |
(2) The goodwill recognized was primarily attributable to the opportunity to expand the user base of the Company's platform. A portion of the goodwill is deductible for U.S. federal income tax purposes.
Schedule of Identifiable Finite-lived Intangible Assets Acquired and Estimated Weighted Average Useful Lives | The fair value of the separately identifiable finite-lived intangible assets acquired and estimated weighted average useful lives as of the acquisition date are as follows:
| Estimated fair values |  | Estimated weighted average useful lives (In years)
Developed technology | $ | 24.2 |  |  | 5.0
Customer relationships | 16.4 |  | 2.0
Trade name | 0.6 |  | 1.0
Total acquisition-related intangible assets | $ | 41.2 |  |  |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
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