2.2.0.7falseMergers and Acquisitions0203 - Disclosure - Mergers and Acquisitionstruefalsefalsefalse1USDfalsefalseUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0$20bbbb_MergersAndAcquisitionsAbstractbbbbfalsenadurationMergers and Acquisitions.falsefalsefalsefalsefalsetruefalsefalsefalsefalsefalsefalse1falsefalsefalsefalse00falsefalsefalsexbrli:stringItemTypestringMergers and Acquisitions.false31us-gaap_BusinessCombinationDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabelfalse1falsefalsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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</div>
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<td>
<b><font style="font-family: 'Times New Roman', Times">3.  </font></b>
</td>
<td>
<b><font style="font-family: 'Times New Roman', Times">Mergers
and Acquisitions</font></b>
</td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Saf-T-Net,
Inc. Merger</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On March 19, 2010, the Company completed its merger with
Saf-T-Net, Inc. (“Saf-T-Net”) pursuant to the
Agreement and Plan of Merger dated March 7, 2010. Pursuant
to the Agreement and Plan of Merger, the Company paid merger
consideration of $34.4 million. The effective cash portion
of the purchase price of Saf-T-Net before
transaction costs of approximately $0.5 million was
$34.2 million, net of Saf-T-Net’s March 19, 2010
cash balance of $0.2 million. The transaction costs are
reflected in general and administrative expenses in the
consolidated statements of operations. The Company has included
the financial results of Saf-T-Net in its consolidated financial
statements beginning March 20, 2010.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Saf-T-Net is the provider of AlertNow, a leading messaging and
mass notification solution for the K-12 marketplace. The Company
believes the merger with Saf-T-Net supports the Company’s
long-term strategic direction and the demands for innovative
technology in the education industry. The Company believes that
the merger with Saf-T-Net will help the Company meet the growing
demands of its clients, including the ability to send mass
communications via various means.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company has accounted for the merger under the acquisition
method of accounting. Assets acquired and liabilities assumed
were recorded at their fair values as of March 19, 2010.
The total preliminary purchase price was $34.4 million,
excluding the estimated acquisition related transaction costs of
approximately $0.5 million and excluding acquired cash.
Acquisition-related transaction costs include investment
banking, legal and accounting fees, and other external costs
directly related to the merger.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Preliminary
Purchase Price Allocation</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Under the acquisition method of accounting, the total estimated
purchase price was allocated to Saf-T-Net’s net tangible
liabilities and intangible assets based on their estimated fair
values as of March 19, 2010. The Company recorded the
excess of the purchase price over the net tangible liabilities
and identifiable intangible assets as goodwill. The preliminary
allocation of the purchase price shown in the table below was
based upon management’s preliminary valuation, which was
based on estimates and assumptions that are subject to change.
The areas of the purchase price allocation that are not yet
finalized relate primarily to income and non-income based taxes.
The preliminary estimated purchase price is allocated as follows
(in thousands):
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
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<td width="91%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="5%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
</tr>
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<!-- TableOutputHead -->
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Cash and cash equivalents
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
238
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accounts receivable
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
468
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Prepaid expenses and other current assets
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
30
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Property and equipment
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
14
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accounts payable
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(1,459
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Other accrued liabilities
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(586
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Deferred tax liabilities, net
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(3,176
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Deferred revenue
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(2,835
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Net tangible liabilities acquired
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(7,306
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Definite-lived intangible assets acquired
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
15,680
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Goodwill
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
26,021
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Total estimated purchase price
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
34,395
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Prior to the end of the measurement period for finalizing the
purchase price allocation, if information becomes available that
would indicate adjustments to the purchase price allocation are
required, any such adjustments will be included in the purchase
price allocation retrospectively.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Of the total estimated purchase price, a preliminary estimate of
$7.3 million has been allocated to net tangible liabilities
acquired, and $15.7 million has been allocated to
definite-lived intangible assets acquired. Definite-lived
intangible assets consist of the value assigned to
Saf-T-Net’s customer relationships of $12.7 million,
developed and core technology of $2.3 million, and
trademarks of $0.7 million.
</div>
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<!-- XBRL Pagebreak End -->
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Saf-T-Net’s customer relationships
was determined by discounting the estimated cash flows
associated with the existing customers as of the date the merger
was consummated taking into consideration estimated attrition of
the existing customer base. The estimated cash flows were based
on revenues for those existing customers net of operating
expenses and net of capital charges for other tangible and
intangible assets that contribute to the projected cash flow
from those customers. The projected revenues were based on
assumed revenue growth rates and customer renewal rates.
Operating expenses were estimated based on the supporting
infrastructure expected to sustain the assumed revenue growth
rates. Net capital charges for assets that contribute to
projected customer cash flow were based on the estimated fair
value of those assets. A discount rate of 19% was deemed
appropriate for valuing the existing customer base and was based
on the risks associated with the respective cash flows taking
into consideration the Company’s weighted average cost of
capital. The Company amortizes the value of Saf-T-Net’s
customer relationships on a straight-line basis over seven years
from the acquisition date. Amortization of customer
relationships is not deductible for tax purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Saf-T-Net’s developed and core
technology was determined by discounting the estimated royalty
savings associated with an estimated royalty rate for the use of
the technology to their present value. Developed and core
technology, which consists of products that have reached
technological feasibility, includes products in Saf-T-Net’s
current product line. The royalty rates used to value the
technology were based on estimates of prevailing royalty rates
paid for the use of similar technology and technology in market
transactions involving licensing arrangements of companies that
operate in service-related industries. A discount rate of 19%
was deemed appropriate for valuing developed and core technology
and was based on the risks associated with the respective
royalty savings taking into consideration the Company’s
weighted average cost of capital. The Company amortizes the
developed and core technology on a straight-line basis over
three years from the acquisition date. Amortization of developed
and core technology is not deductible for tax purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Saf-T-Net’s trademarks was determined
by discounting the estimated royalty savings associated with an
estimated royalty rate for the use of the trademarks to their
present value. The trademarks consist of Saf-T-Net’s trade
name and various trademarks related to its existing product
lines. The royalty rates used to value the trademarks were based
on estimates of prevailing royalty rates paid for the use of
similar trade names and trademarks in market transactions
involving licensing arrangements of companies that operate in
service-related industries. A discount rate of 19% was deemed
appropriate for valuing Saf-T-Net’s trademarks and was
based on the risks associated with the respective royalty
savings taking into consideration the Company’s weighted
average cost of capital. The Company amortizes the trademarks on
a straight-line basis over three years from the acquisition
date. Amortization of trademarks is not deductible for tax
purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Of the total estimated purchase price, approximately
$26.0 million has been allocated to goodwill and is not
deductible for tax purposes. Goodwill represents factors
including expected synergies from combining operations and is
the excess of the purchase price of an acquired business over
the fair value of the net tangible and intangible assets
acquired. Goodwill will not be amortized but instead will be
tested for impairment at least annually (or more frequently if
indicators of impairment arise). In the event that management
determines that the goodwill has become impaired, the Company
will incur an accounting charge for the amount of the impairment
during the fiscal quarter in which the determination is made.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
As a result of the Saf-T-Net merger, the Company recorded a net
deferred tax liability of approximately $3.2 million in its
preliminary purchase price allocation. This balance is comprised
of approximately $6.0 million in deferred tax liabilities
resulting primarily from the estimated amortization expense of
identified intangibles, and approximately $2.8 million in
deferred tax assets that relate primarily to federal and state
net operating loss carry forwards.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Deferred
Revenue</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In connection with the preliminary purchase price allocation,
the Company determined the estimated fair value of the support
obligation assumed from Saf-T-Net in connection with the merger
utilizing a cost
<font style="white-space: nowrap">build-up</font>
approach.
The cost
<font style="white-space: nowrap">build-up</font>
approach determines fair value by estimating the costs relating
to fulfilling the obligation plus a normal profit margin. The
sum of the costs and operating profit approximates the amount
that the Company would be required to pay a third party to
assume the support obligation. The Company based its estimated
costs to fulfill the support obligation on Saf-T-Net’s
historical direct costs related to providing the support
services and correcting any errors in Saf-T-Net’s software
products. These estimated costs did not include any costs
associated with selling efforts or research and development or
the related fulfillment margins on these costs. Profit
associated with selling efforts is excluded because Saf-T-Net
had concluded the selling effort on the support contracts prior
to March 19, 2010. The Company estimated the profit margin
to be approximately 24%, which approximates the Company’s
operating profit margin to fulfill the obligations. In
allocating the purchase price, the Company recorded an
adjustment to reduce the carrying value of Saf-T-Net’s
March 19, 2010 deferred support revenue by approximately
$2.6 million to $2.8 million, which represents the
Company’s estimate of the fair value of the support
obligation assumed. As former Saf-T-Net customers renew these
support contracts, the Company will recognize revenue for the
full value of the support contracts over the remaining term of
the contracts, the majority of which are one year.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Elluminate,
Inc.</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On August 4, 2010, the Company completed a merger with
Elluminate, Inc. (“Elluminate”) pursuant to an
Arrangement Agreement dated July 2, 2010. Pursuant to the
Arrangement Agreement, the Company paid merger consideration of
approximately $59.5 million in cash (or $58.4 million
net of $1.1 million in cash acquired), excluding
transaction costs of approximately $1.0 million, which are
reflected in general and administrative expenses in the
consolidated statements of operations.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Elluminate is a provider of web, audio, video and social
networking solutions optimized for teaching, learning and
collaboration. The Company believes the merger with Elluminate
supports the Company’s long-term strategic direction and
the demands for innovative technology in the education industry
and will help the Company meet the growing demands of its
clients, including the ability to provide synchronous learning
and collaboration.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Preliminary
Purchase Price Allocation</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company has accounted for the merger under the acquisition
method of accounting. The total preliminary purchase price was
allocated to Elluminate’s net tangible and intangible
assets acquired and liabilities assumed based on their estimated
fair values as of August 4, 2010. The Company recorded the
excess of the purchase price over the net tangible liabilities
and identifiable intangible assets as goodwill. The preliminary
allocation of the purchase price shown in the table below was
based on management’s preliminary valuation of the fair
value of tangible and intangible assets acquired and liabilities
assumed, which are based on estimates and assumptions that
are subject to change. The areas of the purchase price
allocation that are not yet finalized relate primarily to income
and non-income based taxes. The preliminary estimated purchase
price is allocated as follows (in thousands):
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="91%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="5%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Cash and cash equivalents
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,060
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accounts receivable
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5,161
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Prepaid expenses and other current assets
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,176
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Property and equipment
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,030
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accounts payable
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(657
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accrued liabilities
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(3,734
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Deferred tax liabilities, net
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(7,331
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Deferred revenue
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(2,747
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Net tangible liabilities assumed
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(6,042
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Definite-lived intangible assets acquired
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
24,190
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Goodwill
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
41,304
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Total estimated purchase price
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
59,452
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Prior to the end of the measurement period for finalizing the
purchase price allocation, if information becomes available
which would indicate adjustments are required to the purchase
price allocation, such adjustments will be included in the
purchase price allocation retrospectively.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Of the total estimated purchase price, a preliminary estimate of
$6.0 million has been allocated to net tangible liabilities
assumed, and $24.2 million has been allocated to
definite-lived intangible assets acquired. Definite-lived
intangible assets of $24.2 million consist of the value
assigned to Elluminate’s customer relationships of
$18.2 million, developed and core technology of
$3.7 million, and trademarks of $2.3 million.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Elluminate’s customer relationships
was determined by discounting the estimated cash flows
associated with the existing customers as of the date the merger
was consummated taking into consideration estimated attrition of
the existing customer base. The estimated cash flows were based
on revenues for those existing customers net of operating
expenses and net of capital charges for other tangible and
intangible assets that contribute to the projected cash flow
from those customers. The projected revenues were based on
assumed revenue growth rates and customer renewal rates.
Operating expenses were estimated based on the supporting
infrastructure expected to sustain the assumed revenue growth
rates. Net capital charges for assets that contribute to
projected customer cash flow were based on the estimated fair
value of those assets. A discount rate of 16.5% was deemed
appropriate for valuing the existing customer base and was based
on the risks associated with the respective cash flows taking
into consideration the Company’s weighted average cost of
capital. The Company amortizes the value of Elluminate’s
customer relationships on a straight-line basis over seven years
from the acquisition date. Amortization of customer
relationships is not deductible for tax purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Elluminate’s developed and core
technology was determined by discounting the estimated royalty
savings associated with an estimated royalty rate for the use of
the technology to their present value. Developed and core
technology, which consists of products that have reached
technological feasibility, includes products in
Elluminate’s current product line. The royalty rates used
to value the technology were based on estimates of prevailing
royalty rates paid for the use of similar technology and
technology in market transactions involving licensing
arrangements of companies that operate in service-related
industries. A discount rate of 16.5% was deemed appropriate for
valuing developed and core technology and was based on the risks
associated with the respective royalty savings taking into
consideration the Company’s weighted average cost of
capital. The Company amortizes the developed and core technology
on a straight-line basis over three years from the acquisition
date. Amortization of developed and core technology is not
deductible for tax purposes.
</div>
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</div>
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<div style="margin-left: 0%">
<!-- BEGIN PAGE WIDTH -->
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<!-- XBRL Pagebreak End -->
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Elluminate’s trademarks was
determined by discounting the estimated royalty savings
associated with an estimated royalty rate for the use of the
trademarks to their present value. The trademarks consist of
Elluminate’s trade name and various trademarks related to
its existing product lines. The royalty rates used to value the
trademarks were based on estimates of prevailing royalty rates
paid for the use of similar trade names and trademarks in market
transactions involving licensing arrangements of companies that
operate in service-related industries. A discount rate of 16.5%
was deemed appropriate for valuing Elluminate’s trademarks
and was based on the risks associated with the respective
royalty savings taking into consideration the Company’s
weighted average cost of capital. The Company amortizes the
trademarks on a straight-line basis over three years from the
acquisition date. Amortization of trademarks is not deductible
for tax purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Of the total estimated purchase price, approximately
$41.3 million has been allocated to goodwill and is not
deductible for tax purposes. Goodwill represents factors
including expected synergies from combining operations and is
the excess of the purchase price of an acquired business over
the fair value of the net tangible and intangible assets
acquired and liabilities assumed. Goodwill will not be amortized
but instead will be tested for impairment at least annually (or
more frequently if indicators of impairment arise). In the event
that management determines that the goodwill has become
impaired, the Company will incur an accounting charge for the
amount of the impairment during the fiscal quarter in which the
determination is made.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
As a result of the acquisition of Elluminate, the Company
recorded a net deferred tax liability of approximately
$7.3 million in its preliminary purchase price allocation.
This balance is comprised of approximately $8.9 million in
deferred tax liabilities resulting primarily from the estimated
amortization expense of identified intangibles and approximately
$1.6 million in deferred tax assets that relate primarily
to Canadian tax credits and net operating loss carryforwards.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Deferred
Revenue</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In connection with the preliminary purchase price allocation,
the Company determined the estimated fair value of the support
obligation assumed from Elluminate in connection with the merger
utilizing a cost
<font style="white-space: nowrap">build-up</font>
approach. The cost
<font style="white-space: nowrap">build-up</font>
approach determines fair value by estimating the costs relating
to fulfilling the obligation plus a normal profit margin. The
sum of the costs and operating profit approximates the amount
that the Company would be required to pay a third party to
assume the support obligation. The Company based its estimated
costs to fulfill the support obligation on Elluminate’s
historical direct costs related to providing the support
services and correcting any errors in Elluminate’s software
products. These estimated costs did not include any costs
associated with selling efforts or research and development or
the related fulfillment margins on these costs. Profit
associated with selling efforts is excluded because Elluminate
had concluded the selling effort on the support contracts prior
to August 4, 2010. The Company estimated the profit margin
to be approximately 24%, which approximates the Company’s
operating profit margin to fulfill the obligations. In
allocating the purchase price, the Company recorded an
adjustment to reduce the carrying value of Elluminate’s
August 4, 2010 deferred support revenue by approximately
$10.2 million to $2.7 million, which represents the
Company’s estimate of the fair value of the support
obligation assumed. As former Elluminate customers renew these
support contracts, the Company will recognize revenue for the
full value of the support contracts over the remaining term of
the contracts, the majority of which are one year.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Wimba,
Inc.</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On August 5, 2010, the Company completed a merger with
Wimba, Inc. (“Wimba”) pursuant to an Agreement and
Plan of Merger dated July 2, 2010. Pursuant to the
Agreement and Plan of Merger, the Company paid merger
consideration of approximately $59.6 million in cash (or
$57.5 million net of $2.1 million in cash acquired),
excluding transaction costs of approximately $0.6 million,
which are reflected in general and administrative expenses in
the consolidated statements of operations.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Wimba is a provider of collaborative learning software
applications and services to the education industry. The Company
believes the merger with Wimba supports the Company’s
long-term strategic direction and the demands
for innovative technology in the education industry and will
help the Company meet the growing demands of its clients,
including the ability to provide synchronous learning and
collaboration.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Preliminary
Purchase Price Allocation</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The Company has accounted for the merger under the acquisition
method of accounting. The total preliminary purchase price was
allocated to Wimba’s net tangible and intangible assets
acquired and liabilities assumed based on their estimated fair
values as of August 5, 2010. The Company recorded the
excess of the purchase price over the net tangible assets and
identifiable intangible assets as goodwill. The preliminary
allocation of the purchase price shown in the table below was
based on management’s preliminary valuation of the fair
value of tangible and intangible assets acquired and liabilities
assumed, which are based on estimates and assumptions that are
subject to change. The areas of the purchase price allocation
that are not yet finalized relate primarily to income and
non-income based taxes. The preliminary estimated purchase price
is allocated as follows (in thousands):
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="91%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="5%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Cash and cash equivalents
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,144
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accounts receivable
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4,593
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Prepaid expenses and other current assets
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
308
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Property and equipment
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,767
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Deferred tax assets, net
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
7,063
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Restricted cash
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
753
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accounts payable
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(161
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Accrued liabilities
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(2,496
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Deferred revenue
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(3,547
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Net tangible assets acquired
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
10,424
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Definite-lived intangible assets acquired
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
15,430
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Goodwill
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
33,713
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -10pt; margin-left: 10pt">
Total estimated purchase price
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
59,567
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
</tr>
</table>
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</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Prior to the end of the measurement period for finalizing the
purchase price allocation, if information becomes available
which would indicate adjustments are required to the purchase
price allocation, such adjustments will be included in the
purchase price allocation retrospectively.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Of the total estimated purchase price, a preliminary estimate of
$10.4 million has been allocated to net tangible assets
acquired, and $15.4 million has been allocated to
definite-lived intangible assets acquired. Definite-lived
intangible assets of $15.4 million consist of the value
assigned to Wimba’s customer relationships of
$12.3 million, developed and core technology of
$1.8 million, and trademarks of $1.3 million.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Wimba’s customer relationships was
determined by discounting the estimated cash flows associated
with the existing customers as of the date the merger was
consummated taking into consideration estimated attrition of the
existing customer base. The estimated cash flows were based on
revenues for those existing customers net of operating expenses
and net of capital charges for other tangible and intangible
assets that contribute to the projected cash flow from those
customers. The projected revenues were based on assumed revenue
growth rates and customer renewal rates. Operating expenses were
estimated based on the supporting infrastructure expected to
sustain the assumed revenue growth rates. Net capital charges
for assets that contribute to projected customer cash flow were
based on the estimated fair value of those assets. A discount
rate of 16.5% was deemed appropriate for valuing the existing
customer base and was based on the risks associated with the
respective cash flows taking into consideration the
Company’s weighted average cost of capital. The Company
amortizes the value of Wimba’s customer relationships on a
straight-line basis over seven years from the acquisition date.
Amortization of customer relationships is not deductible for tax
purposes.
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<!-- XBRL Pagebreak End -->
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Wimba’s developed and core technology
was determined by discounting the estimated royalty savings
associated with an estimated royalty rate for the use of the
technology to their present value. Developed and core
technology, which consists of products that have reached
technological feasibility, includes products in Wimba’s
current product line. The royalty rates used to value the
technology were based on estimates of prevailing royalty rates
paid for the use of similar technology and technology in market
transactions involving licensing arrangements of companies that
operate in service-related industries. A discount rate of 16.0%
was deemed appropriate for valuing developed and core technology
and was based on the risks associated with the respective
royalty savings taking into consideration the Company’s
weighted average cost of capital. The Company amortizes the
developed and core technology on a straight-line basis over
three years from the acquisition date. Amortization of developed
and core technology is not deductible for tax purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The value assigned to Wimba’s trademarks was determined by
discounting the estimated royalty savings associated with an
estimated royalty rate for the use of the trademarks to their
present value. The trademarks consist of Wimba’s trade name
and various trademarks related to its existing product lines.
The royalty rates used to value the trademarks were based on
estimates of prevailing royalty rates paid for the use of
similar trade names and trademarks in market transactions
involving licensing arrangements of companies that operate in
service-related industries. A discount rate of 16.0% was deemed
appropriate for valuing Wimba’s trademarks and was based on
the risks associated with the respective royalty savings taking
into consideration the Company’s weighted average cost of
capital. The Company amortizes the trademarks on a straight-line
basis over three years from the acquisition date. Amortization
of trademarks is not deductible for tax purposes.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
Of the total estimated purchase price, approximately
$33.7 million has been allocated to goodwill and is not
deductible for tax purposes. Goodwill represents factors
including expected synergies from combining operations and is
the excess of the purchase price of an acquired business over
the fair value of the net tangible and intangible assets
acquired. Goodwill will not be amortized but instead will be
tested for impairment at least annually (or more frequently if
indicators of impairment arise). In the event that management
determines that the goodwill has become impaired, the Company
will incur an accounting charge for the amount of the impairment
during the fiscal quarter in which the determination is made.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
As a result of the acquisition of Wimba, the Company recorded a
net deferred tax asset of approximately $7.1 million in its
preliminary purchase price allocation. This balance is comprised
of approximately $13.1 million in deferred tax assets that
relate primarily to federal and state net operating loss carry
forwards and approximately $6.0 million in deferred tax
liabilities resulting primarily from the estimated amortization
expense of identified intangibles.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Deferred
Revenue</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
In connection with the preliminary purchase price allocation,
the Company determined the estimated fair value of the support
obligation assumed from Wimba in connection with the merger
utilizing a cost
<font style="white-space: nowrap">build-up</font>
approach. The cost
<font style="white-space: nowrap">build-up</font>
approach determines fair value by estimating the costs relating
to fulfilling the obligation plus a normal profit margin. The
sum of the costs and operating profit approximates the amount
that the Company would be required to pay a third party to
assume the support obligation. The Company based its estimated
costs to fulfill the support obligation on Wimba’s
historical direct costs related to providing the support
services and correcting any errors in Wimba’s software
products. These estimated costs did not include any costs
associated with selling efforts or research and development or
the related fulfillment margins on these costs. Profit
associated with selling efforts is excluded because Wimba had
concluded the selling effort on the support contracts prior to
August 5, 2010. The Company estimated the profit margin to
be approximately 24%, which approximates the Company’s
operating profit margin to fulfill the obligations. In
allocating the purchase price, the Company recorded an
adjustment to reduce the carrying value of Wimba’s
August 5, 2010 deferred support revenue by approximately
$6.9 million to $3.5 million, which represents the
Company’s estimate of the fair value of the support
obligation assumed. As former Wimba customers renew these
support contracts, the Company will recognize revenue for the
full value of the support contracts over the remaining term of
the contracts, the majority of which are one year.
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<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
</font>
</b>
</div>
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<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">ANGEL
Learning, Inc. Merger</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
On May 8, 2009, the Company completed its merger with ANGEL
Learning, Inc. (“ANGEL”) pursuant to the Agreement and
Plan of Merger dated May 1, 2009. Pursuant to the Agreement
and Plan of Merger, the Company paid merger consideration of
$101.3 million, which includes $87.4 million in cash
and $13.9 million in shares of the Company’s common
stock, or approximately 0.5 million shares of common stock.
The effective cash portion of the purchase price of ANGEL before
transaction costs was approximately $80.8 million, net of
ANGEL’s May 8, 2009 cash balance of approximately
$6.6 million. The Company has included the financial
results of ANGEL in its consolidated financial statements
beginning May 9, 2009.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b><i><font style="font-family: 'Times New Roman', Times">Pro
Forma Financial Information</font></i></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The unaudited financial information in the table below
summarizes the combined results of operations of the Company,
Saf-T-Net, Elluminate and Wimba on a pro forma basis, as though
the companies had been combined as of the beginning of each of
the periods presented. The pro forma financial information is
presented for informational purposes only and is not indicative
of the results of operations that would have been achieved if
the mergers had taken place at the beginning of each of the
periods presented. The pro forma financial information for all
periods presented also includes amortization expense from
acquired intangible assets, adjustments to interest expense,
interest income and related tax effects.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent">
The unaudited pro forma financial information for the three
months ended September 30, 2010 combines the historical
results for the Company for the three months ended
September 30, 2010, the historical results for Elluminate
for the period from July 1, 2010 to August 4, 2010 and
the historical results for Wimba for the period from
July 1, 2010 to August 5, 2010. The unaudited pro
forma financial information for the nine months ended
September 30, 2010 combines the historical results for the
Company for the nine months ended September 30, 2010, the
historical results for Saf-T-Net for the period from
January 1, 2010 to March 19, 2010, the historical
results for Elluminate for the period from January 1, 2010
to August 4, 2010 and the historical results for Wimba for
the period from January 1, 2010 to August 5, 2010. The
unaudited pro forma financial information for the three and nine
months ended September 30, 2009 combines the historical
results for the Company for the three and nine months ended
September 30, 2009 and the historical results for
Saf-T-Net, Elluminate and Wimba for the same period and also
gives effect to the Company’s merger with ANGEL on
May 8, 2009 as if all transactions had occurred on
January 1, 2009. The consolidated financial results for the
Company for the three months ended September 30, 2010
include revenue and net income for Saf-T-Net for the period from
July 1, 2010 to September 30, 2010 of
$2.7 million and $0.6 million, respectively. The
consolidated financial results for the Company for the nine
months ended September 30, 2010 include revenue and net
loss for Saf-T-Net for the period from March 20, 2010 to
September 30, 2010 of $4.7 million and
$0.4 million, respectively. The consolidated financial
results for the Company for the three and nine months ended
September 30, 2010 include revenue and net loss for
Elluminate for the period from August 5, 2010 to
September 30, 2010 of $1.0 million and
$3.7 million, respectively. The consolidated financial
results for the Company for the three and nine months ended
September 30, 2010 include revenue and net loss for Wimba
for the period from August 6, 2010 to September 30,
2010 of $1.0 million and $2.5 million, respectively.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: transparent; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="53%"> </td><!-- colindex=01 type=maindata -->
<td width="2%"> </td><!-- colindex=02 type=gutter -->
<td width="4%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=02 type=body -->
<td width="4%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="3%"> </td><!-- colindex=03 type=gutter -->
<td width="4%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=03 type=body -->
<td width="4%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="3%"> </td><!-- colindex=04 type=gutter -->
<td width="4%" align="right"> </td><!-- colindex=04 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=04 type=body -->
<td width="4%" align="left"> </td><!-- colindex=04 type=hang1 -->
<td width="3%"> </td><!-- colindex=05 type=gutter -->
<td width="4%" align="right"> </td><!-- colindex=05 type=lead -->
<td width="1%" align="right"> </td><!-- colindex=05 type=body -->
<td width="4%" align="left"> </td><!-- colindex=05 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="7" nowrap="nowrap" align="center" valign="bottom">
<b>Three Months Ended<br />
</b>
</td>
<td>
 
</td>
<td colspan="7" nowrap="nowrap" align="center" valign="bottom">
<b>Nine Months Ended<br />
</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="7" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>September 30,</b>
</td>
<td>
 
</td>
<td colspan="7" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>September 30,</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2009</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2010</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2009</b>
</td>
<td>
 
</td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
<b>2010</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="15" nowrap="nowrap" align="center" valign="bottom">
<b>(Unaudited)</b>
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="15" nowrap="nowrap" align="center" valign="bottom">
<b>(In thousands, except per share amounts)</b>
</td>
</tr>
<tr style="line-height: 3pt; font-size: 1pt">
<td> 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
Total revenues
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
  109,132
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
  124,257
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
  317,360
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
  354,980
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
Net income (loss)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(812
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4,855
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(13,058
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
8,254
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
Basic net income (loss) per common share
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(0.03
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
0.14
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(0.41
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
0.24
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
Diluted net income (loss) per common share
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(0.03
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
0.14
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(0.41
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
$
</td>
<td nowrap="nowrap" align="right" valign="bottom">
0.24
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
</table>
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</font>
</b>
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: transparent">
<b>
<font style="font-family: 'Times New Roman', Times">
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<!-- Begin Block Tagged Notefalsefalsefalseus-types:textBlockItemTypetextblockDescription of a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. This element may be used as a single block of text to encapsulate the entire disclosure (including data and tables) regarding business combinations, including leverage buyout transactions (as applicable).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51, 52
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 88-16
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph 67-73
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141R
-Paragraph F4
-Subparagraph e
-Appendix F
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