BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2014

Business Combinations [Abstract]

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS

On July 18, 2013, the Company acquired all of the outstanding equity interests of YFind Technologies Private Limited (“YFind”), a privately-held software company providing indoor positioning and real-time location-based analytics. The Company acquired YFind to obtain its technology and expertise in location-based services. The purchase consideration was $6.1 million, all of which was paid in cash. 

Former YFind employees who became the employees of the Company were granted 219,782 RSUs and 51,900 stock options under the Company’s Amended & Restated 2012 Equity Incentive Plan (the “2012 Plan”). The equity awards vest between three and four years from when the employee was hired. The fair value of the equity awards will be recognized as post-acquisition compensation expense over the requisite service period. The Company is also obligated to pay retention bonuses to certain former YFind employees who became employees of the Company, over two years from the date of hire. Both the equity awards and the retention bonuses are subject to certain continued employment restrictions. For the year ended December 31, 2014 and 2013, the Company recorded compensation costs of $1.1 million and $1.0 million in research and development expenses associated with the equity awards and the retention bonuses. Acquisition related costs were not material for the year ended December 31, 2013.

The purchase allocation for YFind is summarized as follows (in thousands):

	Fair Value
Cash and cash equivalents	$	257
Other tangible assets	8
In-process research and development	6,000
Goodwill	914
Non-current deferred tax liabilities	(1,020		)
Other liabilities assumed	(21		)
Total purchase consideration	$	6,138

Pro forma results of operations for the YFind acquisition have not been presented because they are not material to the consolidated statements of operations.