Acquisitions

6 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

2023 Acquisitions

During the six months ended June 30, 2023, the Company acquired Global Reach Group, a UK-based global cross-border provider, Mina Digital Limited, a cloud-based electric vehicle charging software platform, and Business Gateway AG, a service, maintenance and repair technology provider, each providing incremental geographic expansion of our products. The aggregate purchase price of these acquisitions was approximately $135.1 million (inclusive of $8.5 million previously-held equity method investment in Mina), net of cash of $104 million. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. Any noncompete agreements signed in conjunction with these acquisitions were accounted for separately from the business acquisition.

Acquisition accounting is preliminary as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies.

The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):


Trade and other receivables	$	13,758
Prepaid expenses and other current assets	118,079
Other long term assets	9,364
Goodwill	178,865
Intangibles	60,425
Accounts payable and accrued expenses	(86,458)
Other current liabilities	(138,672)
Other noncurrent liabilities	(20,225)
Aggregate purchase price	$	135,136

The table above reflects certain measurement period adjustments made during the three months ended June 30, 2023 to conform to the Company's financial statement presentation. Results from the Global Reach Group are included in the Company's Corporate Payments segment and the results for Mina Digital Limited and Business Gateway AG are included in the Company's Fleet segment.

2022 Acquisitions

During 2022, the Company acquired Levarti, an airline software platform company reported in the Lodging segment; Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment; Plugsurfing, a European EV software and network provider reported in the Fleet segment; and Roomex, a European workforce lodging provider reported in the Lodging segment. The aggregate purchase price of these acquisitions was approximately $197.6 million, net of cash. The Company financed the acquisitions using a combination of available cash and borrowings under its existing credit facility. In connection with one of these acquisitions, the Company signed noncompete agreements of $1.1 million 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 is preliminary (with the exception of Levarti) as the Company is still completing the valuation for goodwill, intangible assets, income taxes, working capital, and contingencies.

The following table summarizes the preliminary acquisition accounting, in aggregate, for the business acquisitions noted above (in thousands):


Trade and other receivables	$	13,725
Prepaid expenses and other current assets	4,007
Other long term assets	1,192
Goodwill	161,048
Intangibles	50,145
Accounts payable and accrued expenses	(18,303)
Other current liabilities	(4,960)
Other noncurrent liabilities	(9,282)
Aggregate purchase price	$	197,572

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 Names and Trademarks	2 - Indefinite	$	4,705
Proprietary Technology	5 - 10	11,646
Lodging / Supplier Network	10 - 20	1,402
Customer Relationships	5 - 20	32,392
		$	50,145