On May 29, 2020, we completed the purchase of 100% of the outstanding shares of Excelity Global Solutions Pte. Ltd. (“Excelity”) for $77.2 million in cash consideration. Excelity is a human capital management service provider in the Asia-Pacific region.

The financial results of Excelity have been included within our consolidated financial statements from the acquisition date forward and are classified as a Bureau solution. The acquisition of Excelity was recorded using the acquisition method of accounting, in which the assets and liabilities assumed are recognized at their fair value. Intangible assets recorded for this acquisition are related to customer relationships, trade name, and developed technology. The purchase accounting was complete as of December 31, 2020. Of the goodwill associated with this acquisition, $5.1 million is deductible for income tax purposes.

After consideration of the Excelity acquisition, management has concluded that we continue to have one operating and reportable segment. This conclusion aligns with how management monitors operating performance, allocates resources, and deploys capital.

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

	(Dollars in millions)
Cash and equivalents	$	6.6
Trade receivables, prepaid expenses, and other current assets		13.0
Customer trust funds		12.3
Property, plant, and equipment and other assets		4.2
Goodwill		42.7
Other intangible assets, net		20.7
Accounts payable and other current liabilities		(2.2	)
Customer trust funds obligations		(13.1	)
Other non-current liabilities		(7.0	)
Total purchase price	$	77.2

On September 6, 2019, we entered into a purchase agreement with the shareholders of Lusworth Holding Pty Ltd. (“RITEQ”), an Australian-based corporation, to acquire 100% of the issued and outstanding shares of RITEQ for approximately $20.1 million, subject to certain purchase price adjustments. RITEQ is a provider of workforce management solutions and operates within Australia, New Zealand, and the United Kingdom. The share purchase transaction was completed on September 13, 2019.

The financial results of RITEQ have been included within our consolidated financial statements as of the acquisition date. The acquisition of RITEQ was recorded using the acquisition method of accounting and recognized the assets and liabilities assumed at their fair value. The allocation of the purchase price to goodwill was completed as of December 31, 2019. The major classes of assets and liabilities to which we allocated the purchase price were as follows:

	(Dollars in millions)
Cash and equivalents	$	0.7
Trade and other receivables, net		1.3
Goodwill		16.7
Other intangible assets, net		4.8
Other assets		1.0
Accounts payable		(0.6	)
Deferred revenue		(1.3	)
Employee compensation and benefits		(1.1	)
Other liabilities		(1.4	)
Total purchase price	$	20.1