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Acquisition of Versature Corp | 3 Months Ended
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Oct. 31, 2018
Acquisition of Versature Corp [Abstract] |
Acquisition of Versature Corp. | Note 5—Acquisition of Versature Corp. On September 14, 2018, the Company acquired 100% of the outstanding shares of Versature Corp., a software as a service (“SaaS”) business communications solutions and hosted voice over Internet Protocol (“VoIP”) provider serving the Canadian market, for cash of $5.9 million. The acquisition expands the Company’s SaaS business into Canada. Versature’s operating results from the date of acquisition, which were not significant, are included in the Company’s consolidated financial statements. The impact of the acquisition’s preliminary purchase price allocations on the Company’s consolidated balance sheet and the acquisition date fair value of the total consideration transferred were as follows (in thousands):
Trade accounts receivable |  | $ | 370 |
Prepaid expenses |  |  | 65 |
Property, plant and equipment |  |  | 1,826 |
Non-compete agreement |  |  | 600 |
Customer relationships |  |  | 2,930 |
Tradename |  |  | 490 |
Other assets |  |  | 486 |
Trade accounts payable |  |  | (81 | )
Accrued expenses |  |  | (523 | )
Other liabilities |  |  | (710 | )
Net assets excluding cash acquired |  | $ | 5,453 |
Supplemental information: |  |  |  |
Cash paid |  | $ | 5,870 |
Cash acquired |  |  | (417 | )
Total consideration, net of cash acquired |  | $ | 5,453 |
The following table presents unaudited pro forma information of the Company as if the acquisition occurred on August 1, 2017:
|  | Three Months Ended October 31, |
|  | 2018 |  |  | 2017 |
|  | (in thousands) |
Revenues |  | $ | 363,200 |  |  | $ | 399,875 |
Net income (loss) |  | $ | (1,356 | ) |  | $ | (1,411 | )

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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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