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Acquisition
 6 Months Ended
Oct. 31, 2012
Acquisition

10. Acquisition

On September 1, 2012, the Company acquired all outstanding membership interests of Global Novations, LLC, a leading provider of diversity & inclusion and leadership development solutions, for $34.4 million in cash, net of cash acquired. Global Novations, LLC has more than 150 offerings designed to develop leaders, enable high-performing cultures and deliver business outcomes for its clients. Key diversity and inclusion and leadership offerings include consulting, training and education and e-learning. Global Novations, LLC has more than 30 years of experience and has served clients in more than 40 countries, including more than half of the Fortune 100.

Actual results of operations of Global Novations, LLC are included in the Company’s consolidated financial statements from September 1, 2012, the effective date of the acquisition, and include $5.2 million in fee revenue during the three and six months ended October 31, 2012. Global Novations, LLC is reported in our Leadership & Talent Consulting segment.

Following is a summary of the acquisition completed during the three months ended October 31, 2012:

 

     October 31,
2012		  
     (in thousands)  

Assets acquired

    $ 8,008   

Intangibles acquired

      12,200   

Liabilities acquired

      6,258   
  

 

 

  

Net assets acquired

      13,950   

Purchase price

      34,437   
  

 

 

  

Goodwill

    $ 20,487   
  

 

 

  

Acquisition costs

    $ 650   
  

 

 

  

The measurement period for purchase price allocation ends as soon as information on the facts and circumstances becomes available, but do not exceed 12 months. Adjustments to purchase price allocation may require a recasting of the amounts allocated to goodwill retroactive to the period in which the acquisition occurred.