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Business Combinations (Tables)

12 Months Ended

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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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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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.

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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.

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