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Acquisitions
6 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
Acquisitions
ACQUISITIONS
Assets acquired and liabilities assumed in business combinations were recorded on the Company’s Condensed Consolidated Balance Sheets as of the respective acquisition dates based upon their estimated fair values at such dates. The results of operations of businesses acquired by the Company were included in the Company’s Condensed Consolidated Statements of Earnings since their respective dates of acquisition. The excess of the purchase price over the estimated fair values of the underlying assets acquired and liabilities assumed was allocated to Goodwill.
During the second quarter of fiscal year 2015, the Company acquired one business in the Global Technology and Operations segment:
TwoFour Systems
In December 2014, the Company acquired TwoFour Systems, a provider of real-time foreign exchange solutions for banks and broker-dealers. The purchase price was $31.6 million. Net liabilities assumed in the transaction were $2.6 million. In addition, the Company recorded a $1.1 million liability for the fair value of potential additional cash payments, which are payable over the next three years contingent upon the achievement by the acquired business of certain revenue and earnings targets. This acquisition resulted in $24.9 million of Goodwill. Intangible assets acquired, which totaled $10.4 million, consist primarily of acquired software technology and customer relationships, which are being amortized over a seven-year life and ten-year life, respectively. The results of TwoFour Systems' operations were included in the Company’s Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q from the date of acquisition. The allocation of the purchase price will be finalized upon completion of the analysis of the fair values of TwoFour Systems' assets and liabilities. Pro forma supplemental financial information is not provided as the impact of the acquisition on the Company’s operating results, financial position or cash flows was not material.