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ACQUISITIONS | 12 Months Ended
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Dec. 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. As of December 31, 2021, we paid $6.1 million in cash and expect to pay an additional $0.4 million within one year of the closing. These intangible assets have an estimated useful life of five years. See Note 13. Intangible Assets for additional details. TEGAM, Inc. On June 1, 2021, we acquired 100% of the issued and outstanding shares of capital stock of TEGAM, Inc., which is based in Geneva, Ohio. This acquisition added metrology and calibration instrumentation to Advanced Energy’s RF process power solutions in our Semiconductor and Industrial and Medical markets. The components of the fair value of the total consideration transferred were as follows: ​
​ | ​ | ​ | ​
Cash paid for acquisition |  | $ | 15,430
Holdback | ​ | ​ | 1,800
Total fair value of consideration transferred | ​ | ​ | 17,230
Less cash acquired | ​ | ​ | (177)
Total purchase price | ​ | $ | 17,053
​ The following table summarizes the preliminary values of the assets acquired and liabilities assumed: ​
​ | ​ | ​ | ​
​ |  | Preliminary Fair Value
Current assets and liabilities, net | ​ | $ | 3,536
Property and equipment | ​ | ​ | 734
Operating lease right-of-use assets | ​ | ​ | 425
Intangible assets | ​ | ​ | 6,900
Goodwill (deductible for tax purposes) | ​ | ​ | 5,877
Other non-current assets | ​ | ​ | 31
Total assets acquired | ​ | ​ | 17,503
Other non-current liabilities | ​ | ​ | 25
Operating lease liability | ​ | ​ | 425
Total liabilities assumed | ​ | ​ | 450
Total fair value of net assets acquired | ​ | $ | 17,053
​ A summary of the intangible assets acquired, amortization method, and estimated useful lives follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Amortization |  | ​
​ |  | ​ | ​ |  | Method |  | Useful Life
Technology | ​ | $ | 1,100 |  | Straight-line |  | 5
Customer relationships | ​ |  | 5,500 |  | Straight-line |  | 15
Tradename | ​ |  | 300 |  | Straight-line |  | 5
Total | ​ | $ | 6,900 |  |  |  |
​ 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 |  | $ | 4,654
Holdback | ​ | ​ | 950
Total fair value of consideration transferred | ​ | ​ | 5,604
Less cash acquired | ​ | ​ | (245)
Total purchase price | ​ | $ | 5,359
​ The following table summarizes the final values of the assets acquired and liabilities assumed: ​
​ | ​ | ​ | ​
​ |  | Fair Value
Current assets and liabilities, net | ​ | $ | 1,021
Property and equipment | ​ | ​ | 35
Operating lease right-of-use assets | ​ | ​ | 463
Intangible assets | ​ | ​ | 4,000
Goodwill (deductible for tax purposes) | ​ | ​ | 323
Total assets acquired | ​ | ​ | 5,842
Other non-current liabilities | ​ | ​ | 20
Operating lease liability | ​ | ​ | 463
Total liabilities assumed | ​ | ​ | 483
Total fair value of net assets acquired | ​ | $ | 5,359
​ A summary of the intangible assets acquired, amortization method, and estimated useful lives follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Amortization |  | ​
​ | ​ | ​ | ​ | ​ | Method | ​ | Useful Life
Technology | ​ | $ | 400 |  | Straight-line |  | 5
Customer relationships | ​ |  | 3,600 |  | Straight-line |  | 15
Total | ​ | $ | 4,000 |  |  |  |
​ ​

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