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Acquisitions
12 Months Ended
Jun. 30, 2020
Business Combinations [Abstract]  
Acquisitions Acquisitions
Current Year Activity
In June 2020, we acquired a technology asset from a large financial institution for a cash payment (which we funded in July 2020) of $2.5 million and contingent future cash payments of up to $0.9 million. We are also obligated to make future royalty payments should our revenue from the license or sale of this technology exceed certain levels. We intend to further develop and enhance this technology to launch a SaaS based integrated accounts receivable platform.
Prior Year Activity
BankSight Software Systems
        In June 2019, we acquired the remaining capital stock of BankSight for $2.8 million in cash and 40,000 shares of our common stock. The common stock had vesting conditions tied to the continued employment of a prior stockholder of BankSight and thus excluded from the purchase price allocation. Prior to the acquisition, we had a pre-existing relationship in the form of a minority investment in their preferred stock of BankSight in the amount of $3.5 million. The carrying value of our prior investment approximated its fair value at the time of our acquisition and the total fair value we paid to acquire the outstanding capital stock of BankSight, $6.3 million, was allocated to assets acquired and liabilities assumed. BankSight’s operating results are included in our Banking Solutions segment from the date of the acquisition forward and did not have a material impact on our revenue or net (loss) income.
        In the allocation of the purchase price, we recorded $3.6 million of goodwill. The goodwill is not deductible for income tax purposes and arose principally due to the anticipated future benefits arising from the acquisition. Identifiable intangible assets of $3.1 million, consisting primarily of technology related assets, are being amortized over a weighted average estimated useful life of 11 years.
Experian Limited
        In March 2019, we acquired certain technology and customer related assets from Experian Limited (Experian) for 9.5 million British Pound Sterling (approximately $12.6 million based on the exchange rate in effect at the acquisition date). In the allocation of the purchase price, we recorded $1.7 million of goodwill, which is not deductible for income tax purposes and arose principally due to the anticipated future benefits arising from the acquisition. Identifiable intangible assets of $12.8 million, consisting primarily of customer related assets, are being amortized over a weighted average estimated useful lives of 11 years. Experian’s operating results are included in our Payments and Documents segment from the date of the acquisition forward and did not have a material impact on our revenue or net (loss) income.
        In May 2019, we were notified by the United Kingdom's (UK) Competition and Markets Authority (CMA) that it was reviewing our acquisition of these assets from Experian to assess whether the acquisition could result in a substantial lessening of competition. In March 2020, the CMA review process was completed, with a finding that our acquisition of assets from Experian did not raise anti-competition concerns.
Microgen Banking Systems Limited
        In July 2018, we acquired Microgen Banking Systems Limited (Microgen) for 6.9 million British Pound Sterling (approximately $9.1 million based on the exchange rate in effect at the acquisition date). In the allocation of the purchase price, we recorded $2.7 million of goodwill, which is not deductible for income tax purposes and arose principally due to the anticipated future benefits arising from the acquisition. Identifiable intangible assets of $8.4 million, consisting primarily of customer related assets, are being amortized over a weighted average estimated useful life of 13 years. Microgen’s operating results are included in our Payments and Documents segment from the date of the acquisition forward and did not have a material impact on our revenue or net (loss) income.