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Acquisitions
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Jun. 30, 2011
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| Acquisitions | (2) Acquisitions
In addition to the acquisitions previously disclosed, the Company completed acquisitions in the second quarter of 2011, which are discussed below.
On April 13, 2011, the Company acquired the assets of Print3D Corporation ("Print3D"), a startup company that develops custom parts services for CAD users through advanced desktop tools that integrate directly into their design environment. Print3D operations have been integrated into the Company and future revenue will be included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $1,000 and was allocated to the assets purchased based on the estimated fair values at the date of acquisition, and is included in the table below which summarizes all acquisitions. Of the consideration, $750 was paid in cash and $250 was paid in shares of the Company's common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933.
Subject to the terms and conditions of the acquisition agreement, the sellers have the right to earn an additional amount of up to approximately $8,925, pursuant to an earnout formula set forth in the acquisition agreement, for a period of thirty-six months, which commenced on June 1, 2011. As of June 30, 2011, an accrued liability was not recorded for the earnout.
On April 14, 2011, the Company acquired the assets of Sycode, a software development company based in India. Sycode specializes in providing plug-ins for all commercially available Computer Aided Design ("CAD") packages. Sycode operations have been integrated into the Company and future revenue will be included in printers and other products revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $500, all of which was paid in cash, and was allocated to the assets purchased based on the estimated fair values at the date of acquisition, and is included in the table below which summarizes all acquisitions.
On May 6, 2011, the Company acquired the assets of The3dStudio.com, Inc ("3dStudio"), a provider of 3D and 2D digital media libraries, offering resources and expert support through a vibrant online marketplace exchange for consumers and professionals. The3dStudio.com operations have been integrated into the Company and included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2,500 and was allocated to the assets purchased and liabilities assumed based on the estimated fair values at the date of acquisition, and is included in the table below which summarizes all acquisitions. Of the consideration, $1,875 was paid in cash and $625 was paid in shares of the Company's common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933.
On May 12, 2011, the Company acquired the shares of Freedom Of Creation ("FOC"), based in the Netherlands, a provider of printable collections of innovative and practical 3D content, including products commercialized by fashion and design labels. FOC operations have been integrated into the Company and included in services revenue. The fair value of the consideration paid for this acquisition, net of cash acquired, was $2,286 and was allocated to the assets purchased and liabilities assumed based on the estimated fair values at the date of acquisition, and is included in the table below which summarizes all acquisitions. Of the consideration, $1,133 was paid in cash and $1,167 was paid in shares of the Company's common stock. These shares were issued in a private transaction exempt from registration under the Securities Act of 1933.
The amounts related to the acquisitions of these businesses were allocated to the assets acquired and the liabilities assumed and included in the Company's condensed consolidated balance sheet at June 30, 2011 as follows:
These acquisitions were not significant, either individually or in aggregate; therefore, no pro forma financial information is provided for these acquisitions. Subsequent acquisition
On July 19, 2011, the Company acquired the assets of Alibre, Inc., a provider of 3D design productivity solutions. The Company is in the process of integrating Alibre. The fair value of consideration paid for the acquisition, net of cash acquired, was $3,650, all of which was paid in cash, and will be allocated to the assets purchased and liabilities assumed based on the estimated fair values at the date of acquisition. Due to the timing of this acquisition, at the time of this filing the Company is in the process of allocating the fair values of the assets purchased, liabilities assumed, and other intangibles identified as of the acquisition date, with any excess to be recorded as goodwill. Future revenue from this acquisition will be reported in the printers and other products and services revenue categories. The Alibre acquisition is not significant to the Company's financial statements. |
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