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Acquisitions
 6 Months Ended
Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
2021 Acquisitions
AFEX
On June 1, 2021, the Company completed the acquisition of Associated Foreign Exchange (AFEX), a U.S. based, cross-border payment solutions provider for $418.7 million. This includes $210.3 million of cash and cash equivalents and $178.7 million of restricted cash, resulting in a net purchase price of $29.7 million. The purpose of this acquisition is to further expand the Company's cross border payment solutions. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment.
In connection with this acquisition, the Company signed noncompete agreements with certain parties affiliated with the business for which the Company is still completing the valuation. These noncompete agreements were accounted for separately from the business acquisition. Acquisition accounting for AFEX is preliminary as the Company is still completing the valuation for goodwill, intangible assets, derivatives, income taxes, working capital, and evaluation of acquired contingencies.
The following table summarizes the preliminary acquisition accounting for AFEX (in thousands):
Current assets$116,762 
Long term assets49,131 
Goodwill265,910 
Intangibles184,200 
Current liabilities(490,839)
Noncurrent liabilities(95,508)
Aggregate purchase price$29,656 
Roger
On January 13, 2021, the Company completed the acquisition of Roger, rebranded CorpayOne, a global accounts payable (AP) cloud software platform for small businesses, for $39.0 million, net of cash acquired. The Company financed the acquisition using a combination of available cash and borrowings under its existing credit facility. The results from the acquisition are reported in the North America segment. Acquisition accounting for Roger is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and evaluation of acquired contingencies.
The following table summarizes the preliminary acquisition accounting for Roger (in thousands):
Accounts and other receivables$110 
Prepaid expenses and other current assets37 
Other assets 28 
Goodwill34,533 
Other intangibles6,900 
Current liabilities (925)
Deferred income taxes (1,691)
Aggregate purchase price$38,992 
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
Proprietary Technology10$5,600 
Customer Relationships91,300 
$6,900 
Other
During 2021, the Company made investments in other businesses of $4.4 million. The Company financed the investments using a combination of available cash and borrowings under its existing credit facility.
On July 28, 2021, the Company signed a definitive agreement to acquire ALE Solutions, Inc. (ALE), a U.S. based leader in lodging solutions to the insurance industry, for approximately $400 million. The transaction is expected to close during the third quarter of 2021, subject to regulatory approval and closing conditions.
2020 Acquisitions
On August 10, 2020, the Company completed the acquisition of a business in the lodging space in the U.S. The results from the acquisition are reported in the North America segment. On November 30, 2020, the Company completed the acquisition of a fuel card provider in New Zealand. The results from the acquisition are reported in the International segment. The aggregate purchase price of these acquisitions was approximately $78.4 million, net of cash acquired. The Company financed these acquisitions using a combination of available cash and borrowings under its existing credit facility. The Company signed noncompete agreements with certain parties affiliated with the lodging business with an estimated fair value of $3.8 million. These noncompete agreements were accounted for separately from the business acquisitions.
The following table summarizes the preliminary acquisition accounting (in thousands):
Accounts and other receivables$5,487 
Prepaid expenses and other current assets930 
Property and equipment3,178 
Other assets 1,049 
Goodwill27,526 
Other intangibles42,144 
Current liabilities (1,147)
Deferred income taxes (782)
Aggregate purchase price$78,385 
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 5$2,161 
Licensed Software and Technology104,400 
Proprietary Technology58,400 
Supplier Network 10783 
Customer Relationships 1626,400 
$42,144 
The accounting for these acquisitions is preliminary as the Company is still completing the valuation of certain goodwill, intangible assets, income taxes and working capital adjustments.