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ACQUISITION (Tables) | 6 Months Ended
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Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Consideration Transferred, the Assets Acquired and Resulting Deferred Tax | The preliminary estimated fair value of the consideration transferred for MiX Telematics was $362,005 as of the Implementation Date, which consisted of the following:
(in thousands, except for share price and exchange ratio) |  | April 2, 2024
Number of MiX Telematics ordinary shares outstanding |  | 554,021 |
Exchange ratio |  | 0.12762
Shares of Powerfleet common stock to be issued for MiX Telematics ordinary shares outstanding |  | 70,704 |
Powerfleet stock price* |  | 5.12
Fair value of Powerfleet common stock transferred to MiX Telematics shareholders |  | 362,005 |
Replacement of acquiree’s equity awards by the acquirer** |  | 7,818 |
Total fair value of preliminary consideration |  | 369,823 |
* Powerfleet’s closing share price on April 2, 2024. ** The portion of the fair-value-based measure of the replacement award that is part of the consideration transferred in exchange for the acquiree equals the portion of the acquiree award that is attributable to pre-combination vesting.
Schedule of Preliminary Allocation of Purchase Price | The preliminary allocation of purchase price was as follows (in thousands):
|  | April 2, 2024
Assets acquired: |  |
Cash and cash equivalents |  | $ | 26,737 |
Restricted cash |  | 794 |
Accounts receivable, net |  | 24,250 |
Inventory, net |  | 4,142 |
Prepaid expenses and other current assets |  | 8,886 |
Fixed assets, net |  | 35,587 |
Intangible assets, net |  | 153,000 |
Right-of-use asset |  | 3,794 |
Deferred tax assets |  | 1,093 |
Other assets |  | 973 |
Total assets acquired |  | $ | 259,256 |
Liabilities assumed: |  |
Short-term bank debt and current maturities of long-term debt |  | $ | 20,158 |
Accounts payable and accrued expenses |  | 26,400 |
Deferred revenue - current |  | 6,394 |
Lease liability - current |  | 859 |
Income taxes payable |  | 355 |
Lease liability - less current portion |  | 2,852 |
Deferred tax liability |  | 48,725 |
Other long-term liabilities |  | 484 |
Total liabilities assumed |  | $ | 106,227 |
Total identifiable net assets acquired |  | $ | 153,029 |
Non-controlling interest |  | (5) |
Goodwill |  | 216,799 |
Purchase price consideration |  | $ | 369,823 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The following table sets forth preliminary estimated fair values of the components of the identifiable intangible assets acquired and their estimated useful lives:
(in thousands) | Fair value |  | Weighted average useful lives
Trade name | $ | 10,000 |  |  | 14 | years
Developed technology | 30,000 |  |  | 5 | years
Customer relationships | 113,000 |  |  | 13 | years
| $ | 153,000 |  |  |  |

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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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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