Acquisitions

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Acquisitions

Acquisitions

On June 12, 2019, we acquired Simplifile, LC, or Simplifile, for $338 million in cash. The cash consideration is gross of $16 million cash and restricted cash held by Simplifile on the date of acquisition. Simplifile offers an array of mortgage services, primarily serving as an electronic liaison between lenders, settlement agents and county recording offices, streamlining the local recording of residential mortgage transactions. The transaction expands the ICE Mortgage Services portfolio, which includes MERSCORP Holdings, Inc., or MERS.

The Simplifile purchase price was allocated to the preliminary net tangible and identifiable intangible assets and liabilities based on their estimated fair values as of June 12, 2019. The identifiable intangible assets acquired were $113 million and included (i) customer relationships of $104 million which have been assigned a useful life of 20 years (ii) developed technology

of $7 million which has been assigned a useful life of 7 years and (iii) trade names of $2 million which have been assigned a useful life of 5 years. The excess of the purchase price over the preliminary net tangible and identifiable intangible assets was $218 million and was recorded as goodwill. Simplifile is included in our Trading and Clearing segment.

During the six months ended June 30, 2019, Bakkt Holdings, LLC, or Bakkt, acquired two other companies which are also included in our Trading and Clearing segment.