Business Combinations

9 Months Ended

Sep. 30, 2016

Business Combinations [Abstract]

Business Combinations

Business Combinations

Acquisition-related costs during the nine months ended September 30, 2016 were $1.0 million and are included in general and administrative expense in the consolidated statements of income. Pro forma results of operations for the acquisition completed during the nine months ended September 30, 2016 have not been presented because the effects of the acquisition were not material to the Company's consolidated financial results. Revenue and earnings of the acquired company since the date of the acquisition that are included in the Company's consolidated statements of income are also not presented separately because they are not material.

Concord Systems

In September 2016, the Company acquired Concord Systems, Inc., a provider of technology for processing data at scale, for $3.0 million in cash. The acquisition is expected to provide the Company with technology to complement existing platform data processing capabilities. The Company allocated $1.1 million of the cost of the acquisition to goodwill, $2.8 million to acquired intangible assets, which have a weighted average useful life of 7.0 years, and $0.9 million related to deferred tax liabilities. The allocation of the purchase price has not been finalized. The total amount of goodwill expected to be deducted for tax purposes is $0.3 million.

Soha Systems

In October 2016, the Company acquired Soha Systems, Inc. ("Soha"), a provider of technology designed to facilitate secure access to enterprise applications, for $55.0 million in cash and up to an additional $5.0 million for the achievement of post-closing milestones. The allocation of the purchase price has not been finalized as of the date of the filing of these financial statements. The Company plans to continue offering existing Soha solutions as well as incorporate the technology into new solutions.