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ACQUISITIONS

3 Months Ended

Mar. 31, 2021

ACQUISITIONS

ACQUISITIONS

NOTE 2. ACQUISITIONS

Intangible Assets Acquired

In January 2021, we acquired certain intangible assets related to the manufacturing of fiber optic sensing equipment for $3.6 million in cash and an additional $2.9 million expected to be paid within one year of the closing date. These intangible assets have an estimated useful life of five years. See Note 12. Intangible Assets for details.

Versatile Power, Inc.

On December 31, 2020, we acquired 100% of the issued and outstanding shares of Versatile Power, Inc., which is based in Campbell, California. This acquisition added radio frequency ("RF") and programmable power supplies for medical and industrial applications to our product portfolio and further expands our presence in the medical market by adding proven technologies, deep customer relationships, expertise in medical design, and a medical-certified manufacturing center.

The components of the fair value of the total consideration transferred were as follows:

​

​	​	​	​
Cash paid for acquisition		$	4,594
Holdback	​	​	950
Contingent consideration	​	​	1,500
Total fair value of consideration transferred	​	​	7,044
Less cash acquired	​	​	(245)
Total purchase price	​	$	6,799

​

We are still evaluating the fair value for the assets acquired and liabilities assumed. Accordingly, the purchase price allocation presented below is preliminary.

​

​	​	​	​
​		Preliminary Fair Value March 31, 2021
Current assets and liabilities, net	​	$	1,013
Property and equipment	​	​	35
Operating lease right-of-use assets	​	​	463
Intangible assets	​	​	4,000
Goodwill	​	​	1,751
Total assets acquired	​	​	7,262
Operating lease liability	​	​	463
Total liabilities assumed	​	​	463
Total fair value of net assets acquired	​	$	6,799

​

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