Business Acquisitions

6 Months Ended

Jun. 30, 2021

In February 2021, we completed the acquisition of Poynt Co. for $297.1 million in cash consideration to expand our commerce capabilities. Poynt offers a suite of products allowing small businesses to sell and accept payments anywhere, including point-of-sale systems, payments, invoicing and transaction management. At closing, we also paid an additional $29.4 million in cash that was recorded as compensation expense during the three months ended March 31, 2021. The acquisition agreements also call for $45.0 million in additional compensatory cash payments subject to certain performance and employment conditions over the three year period following the closing date.

The aggregate purchase price was allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values as the acquisition date, with the excess recorded to goodwill. The recognition of goodwill, none of which is deductible for income tax purposes, was made based on strategic benefits we expect to realize from the acquisition. During the measurement period, which will not exceed one year from closing, we will continue to obtain information, primarily related to income taxes, to assist us in finalizing the acquisition date fair values. Any qualifying changes to our preliminary estimates will be recorded as adjustments to the respective assets and liabilities, with any residual amounts allocated to goodwill.

The following table summarizes the preliminary estimated acquisition date fair values of the assets acquired and liabilities assumed:


Total purchase consideration	$	297.1
Fair value of assets acquired and liabilities assumed:
Cash and cash equivalents	3.2
Indefinite-lived intangible assets	1.3
Finite-lived intangible assets	51.8

Other assets and liabilities, net	0.8
Total assets acquired, net of liabilities assumed	57.1
Goodwill	$	240.0

The identified finite-lived intangible assets, which were valued using both income- and cost-based approaches, primarily consist of developed technology and customer relationships, and have a total weighted-average amortization period of 4.2 years.

Pro forma financial information is not presented because the acquisition was not material to our financial statements.