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Subsequent Event
12 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

NOTE 17 – SUBSEQUENT EVENT

 

On July 19, 2021, the Company entered into an Agreement and Plan of Merger (Merger Agreement) with Invoice2go, Inc. (Invoice2go), a Delaware corporation that provides mobile-first accounts receivable (AR) software that empowers SMBs and freelancers to grow their client base, manage invoicing and payments, and build their brand. Invoice2go has operations in the U.S. and in Australia, and serves a large global customer base of SMBs. Pursuant to the terms of, and subject to the conditions set forth in, the Merger Agreement, including customary purchase price adjustments, the Company will pay an aggregate consideration of approximately $625.0 million in cash and stock in exchange for all of the outstanding equity interests of Invoice2go. The stock consideration will be calculated based on the average daily volume-weighted average price per share of the Company’s common stock for each of the twenty consecutive trading days ending on the third trading day prior to the closing of the merger.

 

 

In addition, pursuant to the terms and subject to the conditions set forth in the Merger Agreement, the Company will grant $30.0 million of RSUs under the 2019 EIP to certain employees of Invoice2go who will continue as employees of the Company.

 

Upon the consummation of the transactions contemplated by the Merger Agreement, Invoice2go will become a wholly owned subsidiary of the Company. The merger will be accounted for as a business combination. The purchase price will be allocated based on the fair values of the assets acquired and liabilities assumed on the date of the closing of the merger. The closing of the merger is subject to customary closing conditions such as (i) the adoption of the Merger Agreement and approval of the merger in accordance with Delaware law and (ii) the expiration or termination of the applicable waiting period under the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended, among other things.