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Acquisitions (Tables)
 3 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Summary of Total Consideration of the Acquisition
Under the terms of the Merger Agreement, total consideration in the acquisition consisted of the following as of the acquisition date:

(in thousands)
Base purchase price$32,700 
Fair value of earnout30,437 
Net working capital true-up(1)
3,527 
Closing cash904 
Closing indebtedness(476)
Total purchase consideration$67,092 

(1) The Company recorded a $0.1 million measurement period adjustment to the carrying amount of goodwill related to the net working capital true-up for the three months ended September 30, 2020.
Fair Value Hierarchy Based on the valuation inputs, the Company has recorded assets acquired and liabilities assumed according the following fair value hierarchy:
Level 1Unadjusted quoted prices in active markets for identical assets or liabilities
Level 2Unadjusted quoted prices in active markets for similar assets or liabilities; or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable for the asset or liability.
Level 3Unobservable inputs for the asset or liability
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):
DescriptionEstimated LifeAmount
Cash and cash equivalents$955 
Accounts receivable 8,220 
Other current assets459 
Property and equipment, net51 
Accounts payable(2,922)
Accrued expenses(737)
Other current liabilities(8)
Other liabilities(1)
Net tangible assets acquired6,017 
Trade Name5 years2,680 
Proprietary Software
2-5 years
1,042 
Non-compete agreements3 years192 
Customer relationships7 years16,069 
GoodwillIndefinite41,092 
Total intangible assets acquired61,075 
Net assets acquired$67,092