XML 102 R39.htm IDEA: XBRL DOCUMENT v3.22.4
Business combinations (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]  
Summary of Transactions Recognised Separately from Acquisition of Assets and Assumption of Liabilities in Business Combination
The fair value amount of assets and liabilities recognized as a result of the acquisition are as follows:
 

    
Thousands of US$
  
Cash and cash equivalents
      1,141  
Trade receivables
      412  
Other current assets
      77  
Property and equipment
      58  
Customer relationship (i)
      6,780  
Software (i)
      310  
Right-of-use
assets (ii)
      722  
Accounts payable
      (1,212 ) 
Lease liabilities
      (446 ) 
Taxes payable
      (148 ) 
Deferred revenue
      (1,297 ) 
Loans and financing (iii)
      (8,038 ) 
Other
non-current
liabilities
      (588 ) 
Deferred tax liabilities (iv)
      (1,548 ) 
Net identifiable assets acquired
   
 
(3,777
) 
Add: goodwill (v)
      10,707  
    
 
 
  
Net assets acquired
   
 
6,930
  
    
 
 
  
 
(i)
The intangible assets acquired comprises:
 

Asset
  
Valuation Methodology
  
Estimated Fair Value in thousands
of U.S. dollars
 
  
Estimated useful life in
years
 
Customer
relationship
    Multi-period excess earnings method      6,780        8  
Software
    Relief from royalty method      310        3  
 
(ii)
The
right-of-use
comprises US$442
 
of book value plus US$280
 
of fair value related to
off-market
terms.
(iii)
The amount of US$7,919
 
was paid to a third party at the acquisition date to settle preexisting debts of WorkArea and US$ 119
 
was paid to a third party post-acquisition date, which VTEX assumed in the business combination.
(iv)
The deferred tax liabilities were calculated over the fair value amount of intangible assets and the fair value of
right-of-use.
Refer to Note 11.2 for additional details.
(v)
The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes.
Schedule of Purchase Consideration Cash Outflow
 
Outflow of cash to acquire subsidiary, net of cash acquired
   
Thousands of US$
  
Cash consideration
      209  
Less: Balances acquired
         
Cash
      (1,141 ) 
    
 
 
  
Net outflow of cash – investing activities
   
 
(932
) 
    
 
 
  
Summary of Detailed Information about Business Combination
Details of the purchase consideration are as follows:
 
 
  
Thousands of US$
 
Amount paid in cash at the acquisition date (i)
      1,816  
Amount paid in shares
      1,264  
Amount paid in installments
      151  
Amount of
earn-out
to be paid in cash (ii)
      227  
    
 
 
  
Total consideration
   
 
3,458
 
    
 
 
  
 
(i)
US$1,816
 
was paid on the acquisition date directly to the sellers.
(ii)
According to the sales and purchase agreement (“SPA”), the seller could receive a maximum
earn-out
of US$1,699
 
which will be calculated and paid based on the Annual Recurring Revenue of Suiteshare.
Schedule of Accounts Payable from Acquisition of Subsidiaries
The breakdown of accounts payable from
acquisition
of subsidiaries is as follows:
 
 
  
December 31, 2022
 
  
December 31, 2021
 
Fixed installment - cash
     —         1,470  
Earn-out - cash
     299       2,790  
   
 
 
    
 
 
  
Current
  
 
299
 
  
 
4,260
 
   
 
 
    
 
 
  
Earn-out - cash
     —         2,163  
   
 
 
    
 
 
  
Non-current
  
 
—  
 
  
 
2,163
 
   
 
 
    
 
 
  
Total
  
 
299
 
  
 
6,423
 
   
 
 
    
 
 
  
Schedule of Payment for Acquisition of Subsidiaries
As at December 31, 2022, the outstanding balances segregated by maturity are as follows:
 
Date
  
Amount
 
2023
      299  
    
 
 
  
Total
   
 
299
 
    
 
 
  
Schedule of Changes in Balance Payable from Acquisition of Subsidiaries
 
 
  
2022
 
  
2021
 
Opening balance on January 1
   
 
6,423
 
     
 
4,000
 
Addition due to acquisition - installments
   
 
—  
 
     
 
1,880
 
Addition due to acquisition - earn-out
   
 
—  
 
     
 
6,483
 
Payments of principal/finance charges - installments
   
 
(1,224
) 
     
 
(3,556
) 
Payments of principal/finance charges - earn-out
   
 
(916
) 
     
 
(1,378
) 
Fixed installments adjustment (i)
   
 
(362
) 
     
 
44
 
Earn-out adjustment (i)
   
 
(3,740
) 
     
 
(785
) 
Accrued interest and others
   
 
9
 
     
 
62
 
Exchange differences
   
 
109
 
     
 
(327
) 
    
 
 
       
 
 
  
Closing balance on December 31
   
 
299
 
     
 
6,423
 
    
 
 
       
 
 
  
 
(i)
Includes adjustments in the
earn-out
and fixed installments, which were reflected in the Goodwill. Refer to note 14.
Work Area [Member]  
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]  
Summary of Transactions Recognised Separately from Acquisition of Assets and Assumption of Liabilities in Business Combination
Details of purchase consideration are as follows:
 
    
Thousands of US$
  
Amount paid in cash at the acquisition date (i)
      209  
Amount paid in installments in cash
      465  
Amount of
earn-out
to be paid in cash
      6,256  
    
 
 
  
Total consideration
   
 
6,930
 
    
 
 
  
Suiteshare [Member]  
Disclosure of transactions recognised separately from acquisition of assets and assumption of liabilities in business combination [line items]  
Summary of Transactions Recognised Separately from Acquisition of Assets and Assumption of Liabilities in Business Combination
The fair value amount of assets and liabilities recognized as a result of the acquisition are as follows:
 
    
Thousands of US$
  
Cash and cash equivalents
      106  
Property and equipment
      4  
Client portfolio
      1  
Trademark
      220  
Non-compete
clause
      145  
Software
      1,209  
Accounts payable
      (46 ) 
Taxes payable
      (9 ) 
Net identifiable assets acquired
   
 
1,630
 
Add: goodwill
      1,828  
    
 
 
  
Net assets acquired
   
 
3,458
 
    
 
 
  
Schedule of Purchase Consideration Cash Outflow
Outflow of cash to acquire subsidiary, net of cash acquired
   
Thousands of US$
  
Cash consideration
      1,816  
Less: Balances acquired
         
Cash
      (106 ) 
    
 
 
  
Net outflow of cash – investing activities
   
 
1,710