Business Acquisitions

6 Months Ended

Jun. 30, 2020

Disclosure Text Block Supplement [Abstract]

BUSINESS ACQUISITIONS

NOTE 4 – BUSINESS ACQUISITIONS

In February 2020, the Company acquired Long Engineering (“LONG”), a land surveying and engineering company headquartered in Atlanta, Georgia. The aggregate purchase price consideration paid in connection with this stock acquisition was $10.5 million in cash, subject to customary closing working capital adjustments plus an earnout of up to $12 million upon the achievement of certain financial targets to be paid upon the first, second and third anniversaries of the closing.

The Company did not acquire any entities during 2019.

Acquisition costs of approximately $0.6 million have been expensed in 2020 in the Consolidated Statement of Operations within operating expenses.

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

Cash	$	-
Accounts receivable		4,846
Property and equipment		1,423
Other long-term assets		14
Intangible assets		3,491
Liabilities		(778	)
Net assets acquired	$	8,996
Consideration paid (cash and rollover equity)	$	10,500
Contingent earnout liability at fair value (cash)		5,625
Total consideration		16,125
Excess consideration over the preliminary amounts assigned to the net assets acquired (goodwill)	$	7,129