Business Acquisitions (Text Block)

9 Months Ended

Mar. 31, 2014

Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]

Business Combination Disclosure [Text Block]

BUSINESS ACQUISITIONS

Banno, LLC

Effective March 1, 2014, the Company acquired all of the equity interests of Banno, an Iowa-based company that provides data-enriched Web and transaction marketing services with a focus on the mobile medium as its principal means of delivery, for $27,910 paid in cash. The cash used for this acquisition was funded using existing operating cash. The acquisition of Banno expanded the Company’s presence in online and mobile technologies within the industry.

Management has completed a preliminary purchase price allocation of Banno and its assessment of the fair value of acquired assets and liabilities assumed. The recognized amounts of identifiable assets acquired and liabilities assumed, based upon their preliminary fair values as of March 1, 2014 are set forth below:

Current assets	$	564
Long-term assets	87
Identifiable intangible assets	9,255
Total liabilities assumed	(764		)
Total identifiable net assets	9,142
Goodwill	18,768
Net assets acquired	27,910

The amounts shown above may change in the near term as management continues to assess the fair value of acquired assets and liabilities and evaluate the income tax implications of this business combination.

The goodwill of $18,768 arising from this acquisition consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Banno, together with the value of Banno’s assembled workforce. Goodwill from this acquisition has been allocated to our Banking Systems and Services segment. Approximately 95% of the goodwill is expected to be deductible for income tax purposes.

Identifiable intangible assets from this acquisition consists of customer relationships of $3,946, $3,546 of computer software and other intangible assets of $1,763. The weighted average amortization period for acquired customer relationships and acquired computer software is 15 years and 8 years, respectively. Other intangible assets acquired are not subject to amortization.

Current assets is inclusive of cash acquired of $16. The fair value of current assets acquired included accounts receivable of $476. The gross amount receivable is $501, of which $25 is expected to be uncollectible.

During fiscal year 2014, the Company incurred $19 in costs related to the acquisition of Banno. These costs included fees for legal, valuation and other fees. These costs were included within general and administrative expenses.

The results of Banno’s operations included in the Company’s consolidated statement of operations from the acquisition date to March 31, 2014 included revenue of $161 and after-tax net loss of $271.

The accompanying consolidated statements of income for the three and nine month periods endedMarch 31, 2014 do not include any revenues and expenses related to this acquisition prior to the respective closing dates of each acquisition. The impact of this acquisition was considered immaterial to our both the current and prior periods of our consolidated financial statements and pro forma financial information has not been provided.