Business Combinations

6 Months Ended

Jun. 30, 2022

Business Combinations [Abstract]

Business Combinations

3. Business Combinations

ADAM HCM

On December 3, 2021, we completed the acquisition of 100% of the outstanding interests in ATI ROW, LLC and ADAM HCM MEXICO, S. de R.L de C.V (collectively, "ADAM HCM") for $34.5 million. ADAM HCM is a payroll and HCM company in Latin America.

The purchase accounting has been finalized as of June 30, 2022. Intangible assets recorded for this acquisition consist of $7.5 million of customer relationships, $2.9 million of developed technology, and $0.4 million of trade name. Of the goodwill associated with this acquisition, $24.0 million is deductible for income tax purposes.

The major classes of assets and liabilities to which we have allocated the purchase price were as follows:

	(Dollars in millions)
Cash and equivalents	$	0.2
Trade receivables, prepaid expenses, and other current assets		0.9
Goodwill		24.0
Other intangible assets		10.8
Other assets		0.2
Accounts payable and other current liabilities		(1.6	)
Total purchase price	$	34.5