Subsequent events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent events

Subsequent events

On July 1, 2021, the Company completed its previously announced acquisition of Wandera, Inc. (“Wandera”) pursuant to the terms of the Agreement and Plan of Merger, dated as of May 5, 2021 (the “Merger Agreement”). Under the terms of the Merger Agreement, the Company paid total cash consideration of $409.2 million subject to certain closing adjustments as set forth in the Merger Agreement. The total consideration consists of an initial payment of $359.2 million at close and deferred consideration of $50.0 million to be paid in $25.0 million increments on October 1, 2021 and December 15, 2021. The acquisition was funded with cash on hand and borrowings under the New Term Loan Facility described below.

In connection with the closing of the Wandera acquisition, on July 1, 2021, the Company entered into the Credit Agreement Amendment, which amended the Company’s existing New Credit Agreement. The Credit Agreement Amendment provided for a new 364-day term loan facility (the “New Term Loan Facility”) in an aggregate principal amount of $250.0 million on substantially the same terms and conditions as the Company’s existing New Revolving Credit Facility. The maturity date of the New Term Loan Facility is May 4, 2022.

Due to the limited amount of time since the close of the acquisition, information required by ASC 805 is not yet available and will be disclosed in subsequent periods.