Acquisitions

2014 Acquisitions

In September 2014, we acquired Consilience Software, Inc. (Consilience) for approximately $25 in cash. Consilience provides case management and workflow automation software solutions to the public sector. Consilience's proprietary Maven Case Management software system uses data and process analytics to help government agencies extract more value from their information. The intelligent case management system automates workflows for document- and labor-intensive processes and integrates previously siloed legacy systems for accelerated decision-making.

In May 2014, we acquired ISG Holdings, Inc. (ISG) for approximately $225 in cash. The acquisition of ISG enhances our Services segment by providing a comprehensive workers' compensation suite of offerings to the property and casualty sector. In addition, the acquisition expands our services to property and casualty insurance carriers, third-party administrators, managed care services providers, governments and self-administered employers who require comprehensive reviews of medical bills and implementation of care management plans stemming from workers' compensation claims.

In January 2014, we acquired Invoco Holding GmbH (Invoco), a German company, for approximately $54 (€40 million) in cash. The acquisition of Invoco expands our European customer care services and provides our global customers immediate access to German-language customer care services and provides Invoco's existing customers access to our broad business process outsourcing capabilities.

The 2014 acquisitions noted above are included in our Services segment. Additionally, during 2014, our Services segment acquired one additional business for $2 in cash and our Document Technology segment acquired two businesses for approximately $34 in cash, which expanded our distribution capability of products and services in North America.

2014 Summary

All of our 2014 acquisitions reflected 100% ownership of the acquired companies. The operating results of the acquisitions described above are not material to our financial statements and are included within our results from their respective acquisition dates. Our 2014 acquisitions contributed aggregate revenues of approximately $132 to our 2014 total revenues from their respective acquisition dates. The purchase prices for all acquisitions were primarily allocated to intangible assets and goodwill based on third-party valuations and management's estimates. The primary elements that generated the goodwill are the value of synergies and the acquired assembled workforce. Approximately 50% of the goodwill recorded in 2014 is expected to be deductible for tax purposes. Refer to Note 10 - Goodwill and Intangible Assets, Net for additional information.

The following table summarizes the purchase price allocations for our 2014 acquisitions as of the acquisition dates:



	Weighted-Average Life (Years)	Total 2014 Acquisitions
Accounts/finance receivables		$	33
Intangible assets:
Customer relationships	13	71
Trademarks	11	6
Non-compete agreements	4	3
Software	7	25
Goodwill		249
Other assets		26
Total Assets Acquired		413
Liabilities assumed		(73		)
Total Purchase Price		$	340

2013 and 2012 Acquisitions

In April 2013, we acquired Florida based Zeno Office Solutions, Inc. (Zeno), a provider of print and IT solutions to small and mid-sized businesses in the Southeast, for approximately $59 in cash. This acquisition furthers our coverage in Florida, building on our strategy of expanding our network of locally-based companies focused on customers' requirements to improve their performance through efficiencies.

In February 2013, we acquired Impika, a leader in the design, manufacture and sale of production inkjet printing solutions used for industrial, commercial, security, label and package printing for approximately $53 in cash. Impika, which is based in Aubagne, France, offers a portfolio of aqueous (water-based) inkjet presses based on proprietary technology. Through the addition of Impika's aqueous technology to our offerings, we go to market with the industry's broadest range of digital presses, strengthening our leadership in digital color production printing.

In July 2012, we acquired Wireless Data Services, Ltd. (WDS), a provider of technical support, knowledge management and related consulting to the world's largest wireless telecommunication brands for approximately $95 (£60 million) in cash. Based in the U.K., WDS's expertise in the telecommunications industry strengthens our broad portfolio of customer care solutions.

In February 2012, we acquired R.K. Dixon, a leading provider of IT services, copiers, printers and managed print services for approximately $58 in cash. The acquisition furthers our coverage of central Illinois and eastern Iowa, building on our strategy to create a nationwide network of locally-based companies.

Our Document Technology segment also acquired one additional business in 2013 and three additional business in 2012 for $12 and $62, respectively, in cash. These acquisitions were largely a part of our strategy of increasing our distribution network for small and mid-size businesses. Our Services segment acquired three additional businesses in 2013 and four additional business in 2012 for $31 and $61, respectively, in cash primarily related to customer care and software to support our BPO service offerings.

Summary - 2013 and 2012 Acquisitions

All of our 2013 and 2012 acquisitions reflected 100% ownership of the acquired companies. The operating results of the 2013 and 2012 acquisitions described above were not material to our financial statements and were included within our results from the respective acquisition dates. WDS was included within our Services segment while the acquisitions of Zeno, Impika and R.K. Dixon were included within our Document Technology segment. The purchase prices for all acquisitions were primarily allocated to intangible assets and goodwill based on third-party valuations and management's estimates. Refer to Note 10 - Goodwill and Intangible Assets, Net for additional information. Our 2013 acquisitions contributed aggregate revenues from their respective acquisition dates of approximately $84 and $56 to our 2014 and 2013 total revenues, respectively. Our 2012 acquisitions contributed aggregate revenues from their respective acquisition dates of approximately $275, $277 and $162 to our 2014, 2013 and 2012 total revenues, respectively.

Contingent Consideration

In connection with certain acquisitions, we are obligated to make contingent payments if specified contractual performance targets are achieved. Contingent consideration obligations are recorded at their respective fair value. As of December 31, 2014, the maximum aggregate amount of outstanding contingent obligations to former owners of acquired entities was approximately $33, of which $25 was accrued representing the estimated fair value of this obligation.