XML 29 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Acquisitions
12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
Acquisitions AcquisitionsIn July 2020, the Company acquired all of the outstanding equity of two affiliated Australian entities, Gluh Pty Ltd and Keystone Software Holdings Pty Ltd (together, “Gluh”). Gluh offers a real-time quoting platform that enables MSPs to simplify the procurement of IT products and services for their clients. The purchase consideration was approximately $4.4 million, reflecting the purchase price of $4.0 million and certain closing adjustments. The acquisition was accounted for as a business combination, using the acquisition method of accounting, which requires, among other things, certain assets acquired and liabilities assumed to be recognized at their fair values as of the acquisition date. Based on an analysis to determine the fair value of Gluh's assets and liabilities, the Company recorded $2.4 million for the acquired technology intangible asset, $0.7 million for the partner relationships intangible asset, and $2.0 million of goodwill. The financial results of Gluh are included in the Company’s consolidated results from the date of acquisition, although the amounts are insignificant for 2020.