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Business Combination, Significant Transaction and Sale of Business
 12 Months Ended
Dec. 31, 2019
Business Combinations [Abstract]  
BUSINESS COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS
NOTE 3:- BUSINESS COMBINATION, SIGNIFICANT TRANSACTION AND SALE OF BUSINESS

 

  a. On June 30, 2019, the Company acquired a 100% interest in NetEffects Inc ("NetEffects"), a U.S.-based services company, specializes in IT staffing and recruiting, for a total consideration of $ 12,500, of which $ 9,400 was paid upon closing and the remaining $ 3,100 will be paid in three installments in the first, second and third closing day anniversary. Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations for the years ended December 31, 2018 and 2019 were not presented, since the acquisition is immaterial. The acquisition was accounted for by the purchase method.

 

The results of operations were included in the consolidated financial statements of the Company commencing July 1, 2019.

 

The following table summarizes the estimated fair values of the assets acquired and liabilities at the date of acquisition:

 

Net assets, excluding cash acquired  $91 
Intangible assets   8,716 
Goodwill   3,526 
Total assets acquired net of acquired cash  $12,333 

 

The estimated fair values of the tangible and intangible assets are provisional and are based on information that was available as of the acquisition date to estimate the fair value of these amounts. The Company's management believes the information provides a reasonable basis for estimating the fair values of these amounts, but is waiting for additional information necessary to finalize those fair values. Therefore, provisional measurements of fair value reflected are subject to change. The Company expects to finalize the tangible and intangible assets valuation and complete the acquisition accounting as soon as practicable but no later than the measurement period.

 

  b. On April 1st, 2019 the Company acquired a 100% interest in PowWow Inc ("PowWow"), creator of SmartUX™, A leading Low-Code Development Platform for Mobilizing and Modernizing Enterprise Apps, for a total consideration of $8.4 million, out of which $2 million is contingent on future performance. Acquisition  related costs were immaterial. Unaudited pro forma condensed results of operations for the years ended December 31, 2018 and 2019 were not presented, since the acquisition is immaterial. The acquisition was accounted for by the purchase method.

 

The results of operations were included in the consolidated financial statements of the Company commencing March 1, 2019.

 

The following table summarizes the estimated fair values of the assets acquired and liabilities at the date of acquisition

 

Net assets, excluding cash acquired  $(1,557)
Intangible assets   2,855 
Goodwill   7,145 
Total assets acquired net of acquired cash  $8,443

 

The estimated fair values of the tangible and intangible assets are provisional and are based on information that was available as of the acquisition date to estimate the fair value of these amounts. The Company's management believes the information provides a reasonable basis for estimating the fair values of these amounts, but is waiting for additional information necessary to finalize those fair values. Therefore, provisional measurements of fair value reflected are subject to change. The Company expects to finalize the tangible and intangible assets valuation and complete the acquisition accounting as soon as practicable but no later than the measurement period.

 

  c. On February 28, 2019, the Company acquired a 100% interest in OnTarget Group Inc. ("OnTarget"), a U.S.-based services company, specializes in outsourcing of software development services, for a total consideration of $ 12,456 of which $ 6,000 was paid upon closing and the remaining amount constitutes a deferred payment depending on the future operating results achieved by OnTarget. Acquisition related costs were immaterial. Unaudited pro forma condensed results of operations for the years ended December 31, 2018 and 2019 were not presented, since the acquisition is immaterial.  The acquisition was accounted for by the purchase method.

 

The results of operations were included in the consolidated financial statements of the Company commencing March 1, 2019.

 

The following table summarizes the estimated fair values of the assets acquired and liabilities at the date of acquisition:

 

Net assets, excluding cash acquired  $(832)
Intangible assets   4,908 
Goodwill   8,380 
Total assets acquired net of acquired cash  $12,456 

 

The estimated fair values of the tangible and intangible assets are provisional and are based on information that was available as of the acquisition date to estimate the fair value of these amounts. The Company's management believes the information provides a reasonable basis for estimating the fair values of these amounts, but is waiting for additional information necessary to finalize those fair values. Therefore, provisional measurements of fair value reflected are subject to change. The Company expects to finalize the tangible and intangible assets valuation and complete the acquisition accounting as soon as practicable but no later than the measurement period.

 

On October 1, 2019 the Company acquired additional an 30% of its subsidiary Infinigy Solutions LLC ("Infinigy"), a U.S.-based services company focused on expanding the development and implementation of technical solutions which deliver design-driven turnkey solutions, combining Architecture and Engineering, or A&E design project management and general contracting competencies, across the wireless communications industry, for a total cash consideration of approximately $ 4,393, which was paid upon closing. Subsequent to the share purchase the Company holds 100% of Infinigy.