XML 31 R11.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Acquisitions | 12 Months Ended
--- | ---
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions Each of the following acquisitions was accounted for as a business combination using the acquisition method of accounting. The respective purchase prices were allocated to the assets acquired and liabilities assumed based on the estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill and represents the future economic benefits arising from other assets acquired, which cannot be individually identified or separately recognized. Supplemental pro forma financial information has not been provided as the acquisitions were not considered material individually or in the aggregate. Eigen On November 18, 2024, the Company completed the acquisition of Eigen Payments (“Eigen”) for $115.0 million of total purchase consideration, net of cash acquired. Eigen is a Canadian-based provider of payment solutions for the retail, restaurant and hospitality industries that management believes will strengthen the Company’s position within these verticals. Total purchase consideration was as follows:
Cash | $ | 124.8 |
Total purchase consideration | 124.8 |
Less: cash acquired | (9.8) |
Total purchase consideration, net of cash acquired | $ | 115.0 |
The following table summarizes the fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, and are subject to change within the measurement period as valuations are finalized. The primary area of preliminary purchase price allocation subject to change relates to the valuation of other intangible assets and residual goodwill.
Accounts receivable | $ | 1.7 |
Prepaid expenses and other current assets | 0.3 |
Goodwill (a) | 76.0 |
Other intangible assets | 52.4 |
Equipment for lease, net | 0.5 |
Property, plant and equipment, net | 0.3 |
Right-of-use assets | 0.5 |
Accounts payable | (0.7) |
Accrued expenses and other current liabilities | (0.5) |
Deferred revenue | (0.8) |
Current lease liabilities | (0.3) |
Deferred tax liabilities | (14.2) |
Noncurrent lease liabilities | (0.2) |
Net assets acquired | $ | 115.0 |
(a) Goodwill is not deductible for tax purposes.
The following table provides further detail on other intangible assets acquired:
Merchant relationships | $ | 51.6 |
Acquired technology | 0.8 |
Other intangible assets | $ | 52.4 |
The fair values of other intangible assets were estimated using inputs classified as Level 3 under the income approach using the relief-from-royalty method for acquired technology and the multi-period excess earnings method for merchant relationships. This transaction was not taxable for income tax purposes. The estimated life of acquired technology and merchant relationships are one and fifteen years, respectively. The acquisition of Eigen did not have a material impact on the Company’s consolidated financial statements. Givex On November 8, 2024, the Company completed the acquisition of Givex Corp. (“Givex”) for $127.8 million of total purchase consideration, net of cash acquired. Givex is a global provider of gift cards, loyalty programs, and POS solutions which management believes will significantly increase the Company’s overall customer base and geographic footprint. Total purchase consideration was as follows:
Cash | $ | 146.0 |
Total purchase consideration | 146.0 |
Less: cash acquired | (18.2) |
Total purchase consideration, net of cash acquired | $ | 127.8 |
The following table summarizes the fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, and are subject to change within the measurement period as valuations are finalized. The primary area of preliminary purchase price allocation subject to change relates to the valuation of accounts receivable, other intangible assets, accounts payable, accrued expenses and other current liabilities, and residual goodwill.
Accounts receivable | $ | 8.6 |
Inventory | 2.2 |
Prepaid expenses and other current assets | 1.2 |
Goodwill (a) | 84.3 |
Other intangible assets | 66.1 |
Property, plant and equipment, net | 1.5 |
Right-of-use assets | 1.1 |
Other noncurrent assets | 1.7 |
Accounts payable | (4.8) |
Accrued expenses and other current liabilities | (4.7) |
Current lease liabilities | (0.4) |
Current portion of long-term debt | (2.2) |
Deferred tax liabilities | (17.5) |
Noncurrent lease liabilities | (0.8) |
Other noncurrent liabilities | (8.5) |
Net assets acquired | $ | 127.8 |
(a) Goodwill is not deductible for tax purposes.
The following table provides further detail on other intangible assets acquired:
Merchant relationships | $ | 58.2 |
Acquired technology | 6.6 |
Trademark and trade names | 1.3 |
Other intangible assets | $ | 66.1 |
The fair values of other intangible assets were estimated using inputs classified as Level 3 under the income approach using the relief-from-royalty method for acquired technology and the trade name, and the multi-period excess earnings method for merchant relationships. This transaction was not taxable for income tax purposes. The estimated life of acquired technology, merchant relationships and trade name are ten, fifteen and three years, respectively. The acquisition of Givex did not have a material impact on the Company’s consolidated financial statements. Vectron On June 14, 2024, the Company acquired a majority stake in Vectron Systems AG (“Vectron”). Based in Germany, Vectron is a supplier of POS systems to the restaurant and hospitality industries that management believes will provide the Company with local product expertise and a European distribution network of POS resellers. Throughout the remainder of June and July 2024, the Company purchased additional shares of Vectron’s common stock through a public tender offer and open market purchases. As of December 31, 2024, the Company owned approximately 75% of Vectron’s common stock, for which it paid $62.7 million of total purchase consideration, net of cash acquired. The Company is in the process of gaining operational control of Vectron via a domination and profit and loss transfer agreement (DPLTA). The Company consolidates 100% of Vectron’s assets, liabilities, revenues and expenses and records a noncontrolling interest balance for the 25% economic interest in Vectron not held by the Company. Total purchase consideration was as follows:
Cash | $ | 66.9 |
Contingent consideration (a) | 2.9 |
Total purchase consideration | 69.8 |
Less: cash acquired | (7.1) |
Total purchase consideration, net of cash acquired | 62.7 |
Noncontrolling interest | 24.9
Fair value of net assets acquired | $ | 87.6 |
(a) The Company agreed to a cash earnout due to certain former shareholders of Vectron based on the achievement against certain operational metrics through 2027. The actual earn out can range between zero and €7.0 million. The fair value of the earnout was included in the initial purchase consideration and will be revalued and recorded quarterly until the end of the earnout period as a fair value adjustment within “Revaluation of contingent liabilities” in the Company’s Consolidated Statements of Operations. As of December 31, 2024, the fair value of the earnout was $3.8 million, which is recognized in “Other noncurrent liabilities” on the Company’s Consolidated Balance Sheets.
The following table summarizes the fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, and are subject to change within the measurement period as valuations are finalized. The primary area of preliminary purchase price allocation subject to change relates to the valuation of accounts receivable, prepaid expenses and other current assets, other intangible assets, accounts payable, accrued expenses and other current liabilities, and residual goodwill.
Accounts receivable | $ | 7.5 |
Inventory | 3.4 |
Prepaid expenses and other current assets | 6.3 |
Goodwill (a) | 80.7 |
Other intangible assets | 30.1 |
Property, plant and equipment, net | 1.5 |
Right-of-use assets | 8.9 |
Other noncurrent assets | 2.5 |
Accounts payable | (5.3) |
Accrued expenses and other current liabilities | (6.6) |
Deferred revenue | (4.6) |
Current lease liabilities | (1.2) |
Deferred tax liabilities, net | (9.5) |
Noncurrent lease liabilities | (7.9) |
Other noncurrent liabilities (b) | (18.2) |
Net assets acquired | $ | 87.6 |
(a) Goodwill is not deductible for tax purposes.
(b) In connection with the Company’s majority stake in Vectron and due to Vectron’s acquisition of Acardo Group AG (“Acardo”) in December 2022, the Company became party to an earnout agreement with certain former shareholders of Acardo. The earnout is payable in multiple tranches, with up to €25.0 million payable in 2026. This amount is based on a multiple of the average of Acardo’s earnings before interest and taxes (“EBIT”) achieved in 2024 and 2025. Additionally, a percentage of Acardo’s net income for fiscal years 2023, 2024 and 2025 are payable in 2025 and 2026. Each portion of the earnout is expected to be paid in cash. The fair value of the earnout was included in the initial purchase consideration and will be revalued quarterly until the end of the earnout period as a fair value adjustment within “Revaluation of contingent liabilities” in the Company’s Consolidated Statements of Operations. As of December 31, 2024, the fair value of the earnout was $12.1 million, of which $0.7 million was recognized in “Accrued expenses and other current liabilities” and $11.4 million was recognized in “Other noncurrent liabilities” on the Company’s Consolidated Balance Sheets.
The following table provides further detail on other intangible assets acquired:
Merchant relationships | $ | 26.8 |
Acquired technology | 2.0 |
Trademarks and trade names | 1.3 |
Other intangible assets | $ | 30.1 |
The fair values of other intangible assets were estimated using inputs classified as Level 3 under the income approach using the relief-from-royalty method for acquired technology and the trade name, and the multi-period excess earnings method for merchant relationships. This transaction was not taxable for income tax purposes. The estimated life of acquired technology, merchant relationships and trade name are six, twelve and seven years, respectively. The acquisition of Vectron did not have a material impact on the Company’s consolidated financial statements. Revel On June 13, 2024, the Company completed the acquisition of Revel Systems, Inc. (“Revel”) by acquiring 100% of its common stock for $245.3 million of total purchase consideration, net of cash acquired. Revel offers a cloud-based POS system primarily for multi-location merchants, focusing on restaurants, as well as back office and marketing tools that management believes will strengthen the Company’s presence within the restaurant and retail markets. Total purchase consideration was as follows:
Cash | $ | 262.6 |
Total purchase consideration | 262.6 |
Less: cash acquired | (17.3) |
Total purchase consideration, net of cash acquired | $ | 245.3 |
The following table summarizes the fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, and are subject to change within the measurement period as valuations are finalized. The primary area of preliminary purchase price allocation subject to change relates to the valuation of accounts receivable, prepaid expenses and other current assets, other intangible assets, accounts payable, accrued expenses and other current liabilities, and residual goodwill.
Accounts receivable | $ | 9.9 |
Inventory | 1.8 |
Prepaid expenses and other current assets | 4.4 |
Property, plant and equipment, net | 0.3 |
Right-of-use assets | 1.4 |
Goodwill (a) | 123.1 |
Other intangible assets | 118.9 |
Deferred tax assets | 7.9 |
Other noncurrent assets | 0.3 |
Accounts payable | (6.6) |
Accrued expenses and other current liabilities | (7.1) |
Deferred revenue | (6.1) |
Current lease liabilities | (0.6) |
Noncurrent lease liabilities | (1.0) |
Other noncurrent liabilities | (1.3) |
Net assets acquired | $ | 245.3 |
(a) Goodwill is not deductible for tax purposes.
The following table provides further detail on other intangible assets acquired:
Merchant relationships | $ | 106.3 |
Acquired technology | 10.9 |
Trademarks and trade names | 1.7 |
Other intangible assets | $ | 118.9 |
The fair values of other intangible assets were estimated using inputs classified as Level 3 under the income approach using the relief-from-royalty method for acquired technology and the trade name, and the multi-period excess earnings method for merchant relationships. Management’s estimates of fair value are based upon assumptions related to projected revenues, earnings before interest income, interest expense, income taxes, and depreciation and amortization (“EBITDA”) margins, attrition rates, and discount rates. This transaction was not taxable for income tax purposes. The estimated life of acquired technology, merchant relationships and trade name are three, ten and three years, respectively. The acquisition of Revel did not have a material impact on the Company’s consolidated financial statements.

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationAndAssetAcquisitionAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration