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Business Combination and Asset Acquisition
9 Months Ended
Mar. 25, 2023
Business Combinations [Abstract]  
Business Combination and Asset Acquisition

4. Business Combination and Asset Acquisition

Asset Acquisition

During the third quarter of fiscal 2023, we completed the acquisition of certain developed technology intangible assets from Broadcom for an aggregate consideration of $30.0 million, which was paid in cash in the previous fiscal year. The transaction was accounted for as an asset acquisition and the total purchase consideration was allocated to intangible assets, which are being amortized over its estimated useful life of six years.

Business Combination

On October 25, 2022, we acquired all of the outstanding shares of Emza, a developer of ultra-low-power artificial intelligence visual sensing solutions, for total purchase consideration of $15.8 million. The purchase price was attributed to $0.3 million cash acquired, $8.0 million of intangible assets, $9.8 million of goodwill and $2.3 million net liabilities assumed. We will continue to evaluate certain assets, liabilities and tax estimates over the measurement period (up to one year from the acquisition date). Goodwill recognized from the acquisition of Emza is not deductible for income tax purposes. Pro forma results of operations for this acquisition has not been presented because they are not material to our consolidated results of operations, either individually or in the aggregate.