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Acquisition | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Acquisition |
3. | Acquisition
Pagatelia Acquisition On October 31, 2019, the Company completed the acquisition of all of the outstanding shares of Pagatelia S.L., (“Pagatelia”), a Spanish limited liability company that provides electronic consumer tolling and parking solutions in Spain, Portugal, France and Italy. The purchase consideration for Pagatelia was $26.6 million. Transaction costs were not material. The allocation of the purchase consideration is summarized as follows:
($ in thousands) |  |  |  |
Assets acquired |  |  |  |
Cash |  | $ | 1,086 |
Other assets |  |  | 5,047 |
Trademark |  |  | 771 |
Customer relationships |  |  | 5,946 |
Developed technology |  |  | 4,624 |
Non-compete agreements |  |  | 440 |
Goodwill |  |  | 17,528 |
Total assets acquired |  |  | 35,442 |
Liabilities assumed |  |  |  |
Accounts payable and accrued expenses |  |  | 6,045 |
Deferred tax liability |  |  | 2,801 |
Total liabilities assumed |  |  | 8,846 |
Total purchase price |  | $ | 26,596 |
Goodwill arising from Pagatelia was assigned to the Company’s Commercial Services segment and consists largely of the expected cash flows and future growth anticipated for the Company. The goodwill is not expected to be deductible for tax purposes. The customer relationships value was based on an excess earnings methodology utilizing projected cash flows. The trademark and the developed technology values were based on a relief-from-royalty method. The non-compete agreement values were based on the with-or-without method. The trademark, customer relationships, developed technology and non-compete agreements were assigned useful lives of 8.5 years, 9.5 years, 6.5 years and 3 years, respectively. The Company did not provide pro forma financial information for Pagatelia as it was not material.

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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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- References No definition available. + Details
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