Acquisition

6 Months Ended

Feb. 28, 2021

Business Combinations [Abstract]

Acquisition

ACQUISITION

Truvalue Labs, Inc.

On November 2, 2020, FactSet acquired all of the outstanding shares of Truvalue Labs, Inc. ("TVL") for a purchase price of $41.9 million, subject to working capital and other adjustments. TVL is a leading provider of environmental, social, and governance ("ESG") information. TVL applies artificial intelligence driven technology to over 100,000 unstructured text sources in multiple languages, including news, trade journals, and nongovernmental organizations and industry reports, to provide daily signals that identify positive and negative ESG behavior. The acquisition of TVL further enhances FactSet's commitment to providing industry leading access to ESG data across its platforms. The TVL purchase price was in excess of the fair value of net assets acquired, resulting in the recognition of goodwill. FactSet expects to finalize the allocation of the purchase price for TVL as soon as possible, but in any event, no later than one year from the acquisition date.

The preliminary estimated acquisition date fair values of major classes of assets acquired and liabilities assumed are as follows:

	Estimated Acquisition Date Fair Value		Estimated Acquisition Date Useful Life	Amortization Method
	(in thousands)		(in years)
Current assets	$	812
Amortizable intangible assets
Software technology	8,100		7 years	Straight-line
Client relationships	900		12 years	Straight-line
Trade names	2,800		15 years	Straight-line
Goodwill	30,058
Other non-current assets	5,299
Current liabilities	(3,069)
Other non-current liabilities	(2,984)
Total purchase price	$	41,916

Goodwill totaling $30.1 million represents the excess of the TVL purchase price over the fair value of net assets acquired and is included in the Americas segment. Goodwill generated from the TVL acquisition is not deductible for income tax purposes. The results of operations of TVL have been included in the Company’s Consolidated Financial Statements, within the Americas segment, since the completion of the acquisition on November 2, 2020. Pro forma information has not been presented because the effect of the TVL acquisition is not material to the Company’s Consolidated Financial Statements.