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Acquisitions and Equity Method Investments
 12 Months Ended
Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]  
Acquisitions and Equity Method Investments Acquisitions and Equity Method Investments
2023 Acquisitions
In January 2023, the Company acquired 100% of Global Reach, a U.K.-based cross-border payments provider, for approximately $102.9 million, net of cash. In February 2023, the Company acquired the remainder of Mina Digital Limited ("Mina"), a cloud-based electric vehicle ("EV") charging software platform. In February 2023, the Company also acquired 100% of Business Gateway AG, a European-based service, maintenance and repair technology provider. In September 2023, the Company acquired 100% of PayByPhone Technologies, Inc., the world's second largest mobile parking operator, for approximately $301.6 million, net of cash. Each of these 2023 acquisitions provide incremental geographic expansion of our products, with PayByPhone specifically intended to progress the Company's broader strategy to transform our vehicle payments business. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition.
The aggregate purchase price of these acquisitions was approximately $436.7 million (inclusive of the $8.5 million previously-held equity method investment in Mina), net of cash of $117 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 for the 2023 acquisitions 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 2023 business acquisitions noted above (in thousands):
Trade and other receivables$6,004 
Prepaid expenses and other current assets46,472 
Other long term assets13,302 
Goodwill382,793 
Intangibles158,689 
Accounts payable(23,789)
Other current liabilities(129,603)
Other noncurrent liabilities(18,923)
Aggregate purchase price$434,945 
Results from the Global Reach Group are included in the Company's Corporate Payments segment and the results for Mina Digital Limited, Business Gateway AG and PayByPhone are included in the Company's Vehicle Payments segment.
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 to Indefinite
$12,459 
Proprietary Technology
5 to 7
11,885 
Customer Relationships
6 to 20
134,345 
$158,689 
2022 Acquisitions
In March 2022, the Company completed the acquisition of Levarti, a U.S.-based airline software platform company reported in the Lodging Payments segment, for $23.7 million, net of cash. In August 2022, the Company completed the acquisition of Accrualify, an accounts payable (AP) automation software company reported in the Corporate Payments segment, for $41.2 million, net of cash. In September 2022, the Company completed the acquisition of Plugsurfing, a European EV software and network provider reported in the Vehicle Payments segment, for $75.8 million, net of cash. In November 2022, the Company completed the acquisition of Roomex, a European workforce lodging provider serving the U.K. and German markets reported in the Lodging Payments segment, for approximately $56.8 million, net of cash. Results from these acquisitions have been included in the Company's consolidated results from the respective date of each acquisition.
The aggregate purchase price of these 2022 acquisitions was approximately $197.2 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 two of these acquisitions, the Company signed noncompete agreements of $1.1 million and $1.2 million with certain parties affiliated with the respective businesses. These noncompete agreements were accounted for separately from the business acquisitions.
The following table summarizes the final acquisition accounting, in aggregate, for the 2022 business acquisitions noted above (in thousands):
Trade and other receivables$13,349 
Prepaid expenses and other current assets4,006 
Other long term assets468 
Goodwill163,938 
Intangibles50,145 
Accounts payable(20,542)
Other current liabilities(4,960)
Other noncurrent liabilities(9,191)
Aggregate purchase price$197,213 
The 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 to Indefinite
$4,705 
Proprietary Technology
5 to 10
11,646 
Lodging / Supplier Network
10 to 20
1,402 
Customer Relationships
5 to 20
32,392 
$50,145 
Other
In February 2022, the Company also made investments of $7.8 million in an EV charging payments business and $5.0 million in an EV data analytics business. In September 2022, the Company made an investment of $6.1 million in a U.K.-based EV search and pay mapping service.