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Business Combinations
9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Business Combinations
Note 8. Business Combinations
On June 21, 2024, the Company acquired certain customer relationships, intellectual property assets, and supporting operations and personnel for Mitel’s MiCloud Connect & Sky UCaaS offerings for a cash consideration of $26.3 million. The transaction was accounted for as a business combination.
The preliminary purchase price was allocated based on the estimated fair value of the acquired customer relationships and developed technology intangible assets of $25.3 million and $2.0 million, respectively, net acquired liabilities of $8.7 million, and goodwill of $7.7 million. The amortizable intangible assets have a weighted-average useful life of approximately five years. The goodwill recognized is attributable primarily to the assembled workforce and synergies.
Transaction costs related to the acquisition of $4.2 million were expensed as incurred as general and administrative expenses. The Company included the results of operations from the acquisition date, which were not material, in the condensed consolidated financial statements.