Acquisitions

3 Months Ended

Oct. 03, 2020

Business Combinations [Abstract]

Acquisitions

Note 5. Acquisitions

During the twelve months ended June 27, 2020, the Company completed a business acquisition for total consideration of approximately $10.7 million, of which $5.2 million cash was paid at close and $5.5 million in payments to be made based on the occurrence of future events. The fair value of earn-out liabilities is discussed further in “Note 8. Fair Value Measurements”.

In connection with this acquisition, the Company recorded approximately $6.2 million of developed technology and customer relationships and $1.4 million of deferred tax liability resulting from the acquisitions. The acquired developed technology and customer relationship assets are being amortized over their estimated useful lives of six years.