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Business Combinations (Tables) | 12 Months Ended
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Dec. 31, 2019
Business Combinations [Abstract] |
Summary of Fair Value of Consideration for Acquired Business | The following table summarizes the fair value of consideration for the Acquired Business on the July 13, 2017 closing date:
(in thousands) |  | Amounts |
Cash purchase price at closing |  | $ | 35,750 |
Working capital adjustments |  |  | (861 | )
Estimated payout of contingent consideration (1) |  |  | 17,125 |
Total Fair Value of Consideration |  | $ | 52,014 |
(1) | Based on a valuation conducted by an independent third party, the fair value of contingent consideration at the closing date was determined to be $17,125,000.
Schedule of Sources of Funds in Business Acquisition | The cash purchase price at closing was paid with funds obtained from the following sources:
(in thousands) |  | Amounts |
Cash balances on hand |  | $ | 341 |
Sale of common stock in a private placement transactions |  |  | 6,000 |
Term loan debt facility |  |  | 30,500 |
Revolving line of credit |  |  | 9,000 |
Payoff of Mastech Digital’s previous credit facility |  |  | (10,091 | )
Cash paid at Closing |  | $ | 35,750 |
Schedule of Fair Value of Net Assets Acquired | The valuation of net assets acquired is as follows:
(in thousands) |  | Amounts |
Current Assets |  | $ | 6,909 |
Fixed Assets and Other |  |  | 215 |
Identifiable intangible assets: |  |  |  |
Client relationships |  |  | 16,671 |
Covenant not-to-compete |  |  | 761 |
Trade name |  |  | 1,221 |
Technology |  |  | 1,209 |
Total identifiable intangible assets |  |  | 19,862 |
Goodwill |  |  | 27,417 |
Current liabilities |  |  | (2,389 | )
Net Assets Acquired |  | $ | 52,014 |
Summary of Unaudited Pro Forma Results | The following reflects the Company’s unaudited pro forma results had the results of InfoTrellis been included from January 1, 2017 for all periods presented:
|  | Years Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
|  | (Amounts in thousands, except per share data) |
Revenue |  | $ | 193,574 |  |  | $ | 177,164 |  |  | $ | 158,785 |
Net income |  | $ | 11,145 |  |  | $ | 6,691 |  |  | $ | 2,388 |
Earnings per share—diluted |  | $ | .99 |  |  | $ | .60 |  |  | $ | .22 |

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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 contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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