Acquisitions

3 Months Ended

Mar. 31, 2020

2019 Acquisitions

NvoicePay

On April 1, 2019, the Company completed the acquisition of NvoicePay, a provider of full accounts payable automation for businesses. The aggregate purchase price of this acquisition was approximately $208 million, net of cash acquired of $4.1 million. The purpose of this acquisition is to further expand the Company's corporate payments product. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from NvoicePay are reported in the North America segment. Along with the Company's acquisition of NvoicePay, the Company signed noncompete agreements with certain parties with an estimated fair value of $10.7 million.

The following table summarizes the acquisition accounting for NvoicePay (in thousands):




Trade and other receivables	$	1,513
Prepaid expenses and other current assets	396
Property, plant and equipment	1,030
Other long term assets	5,612
Goodwill	168,990
Intangibles	44,750
Liabilities	(4,415)
Other noncurrent liabilities	(6,130)
Deferred tax liabilities	(4,178)
Aggregate purchase price	$	207,568

The estimated fair value of intangible assets acquired and the related estimated useful lives consisted of the following (in thousands):


	Useful Lives (in Years)	Value
Trade Name and Trademarks	Indefinite	$	8,700
Proprietary Technology	6	15,600
Referral Partners	10	810
Supplier Network	10	2,640
Customer Relationships	20	17,000


		$	44,750

Other

During 2019, the Company acquired SOLE Financial, a payroll card provider in the U.S.; r2c, a fleet maintenance, compliance and workshop management software provider in the U.K.; and Travelliance, an airline lodging provider in the U.S. The aggregate purchase price of these acquisitions was approximately $209 million, net of cash. The Company signed noncompete agreements with certain parties with an estimated fair value of $8.1 million that were accounted for separately from the business acquisitions.

The following table summarizes the preliminary acquisition accounting for the r2c, SOLE and Travelliance acquisitions (in thousands):




Trade and other receivables	$	93,294
Prepaid expenses and other current assets	1,833
Property, plant and equipment	922
Other long term assets	4,593
Goodwill	120,569
Intangibles	82,926
Liabilities	(83,130)

Deferred tax liabilities	(11,647)
Aggregate purchase price	$	209,360

The accounting for these acquisitions is preliminary subject to working capital adjustments.