On October 20, 2023, the Company acquired all outstanding stock of 2600Hz, Inc. ("2600Hz"), a provider of business communications applications targeted at resellers and carriers. The Company acquired 2600Hz for total cash consideration of approximately $32.2 million (net of $1.8 million in cash acquired), subject to certain working capital adjustments. The acquisition did not have any contingency related payments.

The following table summarizes the final purchase price allocation, as adjusted (in thousands):


	Fair Value
Cash and cash equivalents	$	1,829
Accounts receivable		440
Other current and non-current assets		588
Property plant and equipment, net		195
Intangible assets		21,200
Goodwill		14,414
Accounts payable and other liabilities		(1,487	)
Deferred tax liability		(3,131	)
Total purchase consideration	$	34,048

Intangible assets acquired primarily consisted of developed technology of $18.4 million, which represented the fair values of the acquired 2600Hz developed platform technology and have an estimated useful life of seven years as of the date of acquisition. The goodwill recognized was primarily attributable to the assembled workforce and is not expected to be deductible for income tax purposes.

In connection with the acquisition, the Company agreed to issue approximately 423,000 restricted stock units that are subject to on-going service conditions and vest over an 18-month period. The fair value of these awards of $4.3 million will be recorded as stock compensation expense over the service period.

During the second fiscal quarter of 2023, the Company acquired Junction Networks, Inc. which does business as OnSIP for $9.5 million. During the three months ended April 30, 2023, the Company received $0.3 million from the seller for certain working capital adjustments, which is recorded in investing activities in the Company's condensed consolidated statement of cash flows.