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Consolidated Businesses (Tables)
 12 Months Ended
Dec. 31, 2013
Allocation of Purchase Price for Acquisitions and Enterprise Value of Channel Intelligence

The allocations of the purchase price related to the acquisition of MSDSonline and Superior Access and the allocation of the value upon consolidation of Bolt to identified intangible assets and tangible assets and liabilities are as follows (in thousands):

 

 

MSDSonline

 

 

Bolt

 

 

Superior
Access

 

Net assets acquired:

 

 

 

 

 

 

 

 

 

 

 

Goodwill

$

15,847

 

 

$

68,253

 

 

$

2,540

 

Customer lists (5-11 year life)

 

20,440

  

 

 

6,800

  

 

 

4,000

  

Trademarks, trade names and domain names (5-11 year life)

 

6,800

  

 

 

6,400

  

 

 

1,100

  

Technology (5 year life)

 

1,900

  

 

 

4,300

  

 

 

1,300

  

Non-compete agreements (3 year life)

 

3,580

  

 

 

—

  

 

 

—

  

Other net assets (liabilities)

 

1,170

  

 

 

(5,150

)

 

  

  (229

) 

 

 

49,737

 

 

 

80,603

 

 

 

8,711

 

Noncontrolling interest (1)

 

(1,355

)

 

 

(31,824

)

 

 

—

 

 

$

48,382

 

 

$

48,779

 

 

$

8,711

 

(1)

ICG estimated the fair value of the noncontrolling interest in Bolt and MSDSonline with consideration of discounts for lack of control and lack of marketability. See “Redeemable Noncontrolling Interest” in this Note 4 with respect to MSDSonline.

Reconciliation of Activity Related to Redeemable Noncontrolling Interest

The following reconciles the activity related to the redeemable noncontrolling interest during the years ended December 31, 2013, 2012 and 2011 (in thousands):

 

Balance at December 31, 2010

$

1,182

  

Redeemable noncontrolling interest portion of subsidiary net (income)/loss

 

(221

) 

Accretion to estimated redemption value

 

509

  

Impact of subsidiary equity transactions

 

(92

) 

Balance at December 31, 2011

$

1,378

 

Redeemable noncontrolling interest portion of subsidiary net (income)/loss

 

(149

)

Accretion to estimated redemption value

 

839

 

Acquisition of MSDSonline

 

1,309

 

Impact of subsidiary equity transactions

 

6

 

Balance at December 31, 2012

$

3,383

 

Redeemable noncontrolling interest portion of subsidiary net (income)/loss

 

(105

) 

Accretion to estimated redemption value

 

1,088

  

Impact of subsidiary equity transactions

 

(924

)

Balance at December 31, 2013

$

3,442

 

 
Pro Forma Information

The information in the following table represents revenue, net income (loss) attributable to ICG Group, Inc. and net income (loss) per diluted share attributable to ICG Group, Inc. for the relative periods, had ICG consolidated MSDSonline and Bolt (including Bolt’s acquisition of Superior Access) in each of those periods (in thousands, except per share data).

 

 

 

Year Ended December 31,

 

 

2013

 

 

2012

 

 

 

 

Revenue

$

65,995

 

  

$

47,265

 

Net income (loss) attributable to ICG Group, Inc.

$

(25,591

)

  

$

10,134

 

Net income (loss) per diluted share attributable to ICG Group, Inc.

$

(0.70)

 

  

$

0.28

 

 
Bolt
  
Separate Financial Statements of Subsidiary not Consolidated

The following is summarized financial information for Bolt (then Seapass Solutions, Inc.), which was consolidated by ICG as of December 27, 2012, for the years ended December 31, 2012 and 2011.  Prior to such consolidation, ICG held a 38% and 26% equity ownership interest in the company for the years ended December 31, 2012 and 2011, respectively, and accounted for this ownership interest under the equity method of accounting.  The following summarized information is based upon that company’s financial statements, which have been prepared in conformity with GAAP and require estimates and assumptions that affect the amounts reported.  Actual results could materially differ from those estimates.

 

 

 

December 31, 2012

 

 

 

December 31, 2011

 

 

 

(in thousands)

 

Total Assets

$

11,705

 

 

$

3,983

 

Total Liabilities

$

16,759

 

 

$

8,248

 

Total Stockholders’ Equity

$

(5,054

)

 

$

(4,265

)

 

 

Years Ended December 31,

 

 

 

2012

 

 

 

2011

 

 

 

(in thousands)

 

Revenue

$

6,518

 

 

$

6,083

 

Expenses

$

(18,245

) 

 

$

(15,091

) 

Net loss

$

(11,727

) 

 

$

(9,008

) 

 
Star Cite
  
Separate Financial Statements of Subsidiary not Consolidated

The following is summarized financial information for StarCite, which was acquired by Active on December 30, 2011, for the period from January 1, 2011 to December 30, 2011. Prior to the sale of StarCite, ICG held a 36% equity ownership interest in the company and accounted for StarCite under the equity method of accounting. The following summarized information of StarCite is based upon that company’s financial statements, which have been prepared in conformity with GAAP and require StarCite’s management to make estimates and assumptions that affect the amounts reported. Actual results could materially differ from those estimates.

 

 

 

 

December 30, 2011

 

 

 

(in thousands)

 

Total Assets

 

$

51,335

 

Total Liabilities

 

$

32,924

 

Total Stockholders’ Equity

 

$

18,411

 

 

 

 

 

Period Ended December 30, 2011

 

 

 

(in thousands)

 

Revenue

 

$

44,968

 

Expenses

 

$

(50,324

) 

Net loss

 

$

(5,356

)