Business Combinations

3 Months Ended

Mar. 31, 2022

Business Combinations [Abstract]

Business Combinations

3. Business Combinations

ADAM HCM

On December 3, 2021, we completed the acquisition of 100% of the outstanding interests in ATI ROW, LLC and ADAM HCM MEXICO, S. de R.L de C.V (collectively, "ADAM HCM") for $34.5 million. ADAM HCM is a payroll and HCM company in Latin America.

The purchase accounting has not been finalized as of March 31, 2022. Provisional amounts relate to the tax positions, and we expect to finalize the allocation of the purchase price within the one-year measurement period following the acquisition. Intangible assets recorded for this acquisition consist of $7.5 million of customer relationships, $2.9 million of developed technology, and $0.4 million of trade name. Of the goodwill associated with this acquisition, $24.0 million is deductible for income tax purposes.

The major classes of assets and liabilities to which we have preliminarily allocated the purchase price were as follows:

	(Dollars in millions)
Cash and equivalents	$	0.2
Trade receivables, prepaid expenses, and other current assets		0.9
Goodwill		24.0
Other intangible assets		10.8
Other assets		0.2
Accounts payable and other current liabilities		(1.6	)
Total purchase price	$	34.5