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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Summary of Preliminary Allocation of Purchase Price to Estimated Fair Value of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary allocation of purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date (in thousands):
Consideration: |  |
Cash |  | $ | 130,810 |
Deferred cash consideration |  | 6,963 |
Working capital and other purchase price adjustments |  | 55 |
Fair value of total consideration transferred |  | $ | 137,828 |
Recognized amounts of identifiable assets and liabilities assumed: |  |
Cash and cash equivalents |  | $ | 5,039 |
Accounts receivable, net |  | 904 |
Prepaid expenses and other current assets |  | 810 |
Property and equipment, net |  | 492 |
Operating lease right-of-use assets |  | 3,320 |
Accounts payable |  | (288) |
Accrued expenses |  | (1,308) |
Operating lease liabilities, current portion |  | (313) |
Deferred revenue, current portion |  | (3,545) |
Operating lease liabilities, non-current portion |  | (2,984) |
Deferred revenue, non-current portion |  | (1,360) |
Intangible assets |  | 21,200 |
Total identifiable net assets assumed |  | $ | 21,967 |
Goodwill |  | 115,861 |
Net purchase price |  | $ | 137,828 |
Summary of Estimated Fair Value and Useful Life of Identifiable Intangible Assets | The fair value of identifiable intangible assets was based on valuations using the income approach. The estimated fair value and useful life of identifiable intangible assets are as follows:
|  | Amount |  | Weighted Average Life
|  | (in thousands) |  | (in years)
Developed technology |  | $ | 18,600 |  |  | 6
Customer relationships |  | 1,700 |  |  | 6
Trade name |  | 900 |  |  | 5
Total identifiable intangible assets |  | $ | 21,200 |  |  |
Business Acquisition, Pro Forma Information | The unaudited pro forma financial information in the table below summarizes the combined results of our operations and DivvyCloud, on a pro forma basis, as though we had acquired DivvyCloud on January 1, 2019. The unaudited pro forma financial information for all periods presented also includes the effects of business combination accounting resulting from the acquisition, including an adjustment to revenue for the deferred revenue fair value adjustment, amortization expense from acquired intangibles assets, reversal of acquisition-related expenses and the stock-compensation expense recorded to retain certain employees.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue | $ | 105,904 |  |  | $ | 84,628 |  |  | $ | 303,203 |  |  | $ | 238,695 |
Net loss | $ | (24,712) |  |  | $ | (19,726) |  |  | $ | (74,485) |  |  | $ | (59,954) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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