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Business Combinations | 12 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Business Combination Disclosure | Business Combinations and Divestitures Fiscal 2019 Acquisitions Acquisition of Build A Sign LLC On October 1, 2018, we completed the acquisition of Build A Sign LLC ("BuildASign"), a vertically integrated U.S. web-to-print canvas wall décor and signage company. We acquired approximately 99% of the outstanding equity interests of BuildASign for a purchase price of $275,079 in cash, which includes a post-closing adjustment paid during the second quarter of fiscal 2019 and was based on BuildASign's cash, debt and working capital position as of the acquisition date. The acquisition supports our strategy of investing in and building customer-focused, entrepreneurial, mass customization businesses for the long term, which we manage in a decentralized and autonomous manner. BuildASign brings strong talent, a customer-centric culture, low-cost production operations and strong e-commerce capabilities that work seamlessly together to serve customers with market-leading prices, fast delivery and great customer service. Noncontrolling Interest At the closing, Build A Sign Management Pool, LLC (the "Management Pool"), one of the sellers, retained approximately 1% of the outstanding equity interests of BuildASign for the benefit of certain BuildASign employees who hold equity interests in the Management Pool. We entered into a put and call option agreement with respect to the retained BuildASign equity interests, which provides the holders of the Management Pool the right to sell to us all or any portion of their shares, beginning with our fiscal year ending June 30, 2022 and for each fiscal year thereafter. We have the right to buy all (but not less than all) of the retained equity interest of any holder that is no longer an active employee of the company, beginning with our fiscal year ending June 30, 2022. The put and call purchase price is based on BuildASign's revenue growth and EBITDA for the fiscal year in which the option is exercised. Due to the presence of the put arrangement, the noncontrolling interest is presented as redeemable noncontrolling interest as redemption is not solely within our control. We initially recognized the noncontrolling interest at fair value of $3,356 and will adjust the balance for the pro rata impact of the BuildASign earnings or loss, as well as adjustments to increase the balance to the redemption value, if necessary. The excess purchase price over the fair value of BuildASign's net assets was recorded as goodwill, which is primarily attributable to the value of its workforce, its manufacturing and marketing processes and know-how, as well as synergies which include leveraging Cimpress' scale-based sourcing channels. Goodwill is deductible for tax purposes and has been attributed to the All Other Businesses reportable segment. The fair value of the assets acquired and liabilities assumed was as follows:
| Amount |  | Weighted Average Useful Life in Years
Tangible assets acquired and liabilities assumed: |  |  |
Cash and cash equivalents | $ | 4,093 |  |  | n/a
Accounts receivable, net | 510 |  |  | n/a
Inventory | 1,107 |  |  | n/a
Other current assets (1) | 6,937 |  |  | n/a
Property, plant and equipment, net | 12,080 |  |  | n/a
Accounts payable | (3,369 | ) |  | n/a
Accrued expenses (1) | (11,334 | ) |  | n/a
Other current liabilities | (2,658 | ) |  | n/a
Long-term liabilities | (3,949 | ) |  | n/a
Identifiable intangible assets: |  |  |
Trade name | 47,600 |  |  | 15 years
Developed technology | 28,900 |  |  | 3 - 7 years
Customer relationships | 12,430 |  |  | 2 - 5 years
Noncontrolling interest | (3,356 | ) |  | n/a
Goodwill | 186,088 |  |  | n/a
Total purchase price | $ | 275,079 |  |  |
_________________ (1) In connection with the BuildASign acquisition, we recorded an indemnification asset of $5,433, which represented the seller's obligation under the merger agreement to indemnify us for a portion of their potential contingent liabilities related to certain tax matters. We also recognized a contingent liability of $8,925, which represented our estimate based on guidance within ASC 450 - "Contingencies," as of the acquisition date. BuildASign Pro Forma Financial Information BuildASign has been included in our consolidated financial statements starting on its acquisition date. The following unaudited pro forma financial information presents our results as if the BuildASign acquisition had occurred on July 1, 2017. The pro forma financial information for all periods presented adjusts for the effects of material business combination items, including estimated amortization of acquired intangible assets, interest associated with debt used to finance the acquisition, and transaction related costs.
| Year Ended June 30,
2019 |  | 2018
Pro forma revenue | $ | 2,783,205 |  |  | $ | 2,717,785 |
Pro forma net income attributable to Cimpress plc | 93,399 |  |  | 31,571 |
We utilized proceeds from our credit facility in order to finance the acquisition. In connection with the acquisition, we incurred $1,140 in general and administrative expenses during the year ended June 30, 2019, primarily related to legal, financial, and other professional services. Fiscal 2018 Divestiture Divestiture of Albumprinter On August 31, 2017 we sold our Albumprinter business, including FotoKnudsen AS, for a total of €78,382 ($93,071 based on the exchange rate as of the date of sale) in cash, net of transaction costs and cash divested (after $11,874 in pre-closing dividends). As a result of the sale, we recognized a gain of $47,545, net of transaction costs, within our consolidated statement of operations for the year ended June 30, 2018. In connection with the divestiture, we entered into an agreement with Albumprinter under which Albumprinter will continue to fulfill photo book orders for our Vistaprint business. Additionally, we agreed to provide Albumprinter with certain transitional support services for a period of up to one year from the date of the sale.

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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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