On March 24, 2020, we purchased all of the outstanding stock of Captricity, Inc. (“Captricity”) for approximately $15.3 million in cash, net of cash acquired, plus the costs of effecting the transaction and the assumption of certain liabilities. Captricity’s data transformation platform, Vidado, provides an enterprise-grade cloud-based machine learning solution that enables fast, scalable and highly accurate extraction of handwritten and machine-printed data from paper documents.

The net assets and results of operations of Captricity have been included in our Condensed Consolidated Financial Statements from March 24, 2020. The fair value of intangible assets, consisting of customer relationships and completed technology, was determined using the income approach. Specifically, the relief-from-royalty method was utilized for the completed technology and the excess earnings method was utilized for the customer relationships. The intangible assets are amortized each year based on the ratio that the projected cash flows for the intangible assets bear to the total of current and expected future cash flows for the intangible assets. The completed technology and the customer relationships are expected to be amortized over approximately seven and 15 years, respectively, in each case the estimated lives of the assets. The fair value of deferred revenue was determined using the market approach. The remainder of the purchase price was allocated to goodwill and is not tax deductible.

There are $0.1 million in revenues from Captricity’s operations included in the Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2020.

The following summarizes the preliminary allocation of the purchase price for the 2020 acquisition of Captricity. The assets and liabilities pending finalization include the valuation of acquired tangible and intangible assets and the evaluation of taxes (in millions):

	Captricity
Accounts receivable	$	0.3
Other assets		3.1
Acquired client relationships and contracts		4.3
Completed technology		2.9
Goodwill		8.3
Accounts payable		(0.4	)
Accrued employee compensation and benefits		(0.3	)
Deferred revenue		(2.1	)
Other liabilities assumed		(0.8	)
Consideration paid, net of cash acquired	$	15.3

We recorded severance expense related to reductions in headcount in connection with the integration efforts associated with the acquisitions of DST, Eze and Intralinks. The amount of severance expense recognized in our Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2020 and 2019 was as follows (in millions):

	Three Months Ended March 31,
Consolidated Statements of Comprehensive (Loss) Income Classification	2020		2019
Cost of software-enabled services	$	21.7	$	0.6
Cost of license, maintenance and other related		1.2		-
Total cost of revenues		22.9		0.6
Selling and marketing		1.1		2.7
Research and development		5.1		0.9
General and administrative		2.3		0.7
Total operating expenses		8.5		4.3
Total severance expense	$	31.4	$	4.9

The following unaudited pro forma information is provided for illustrative purposes only and assumes that the acquisition of Captricity occurred on January 1, 2019 and the acquisitions of Algorithmics and Investrack occurred on January 1, 2018, after giving effect to certain adjustments, including amortization of intangibles, interest, transaction costs and tax effects. This unaudited pro forma information (in millions, except per share data) should not be relied upon as being indicative of the historical results that would have been obtained if the acquisitions had actually occurred on those dates, nor of the results that may be obtained in the future.

	Three Months Ended March 31,
	2020		2019
Revenues	$	1,177.3	$	1,166.5
Net income	$	100.4	$	84.7