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Acquisitions
3 Months Ended
Mar. 31, 2017
Business Combinations [Abstract]  
Acquisitions
Acquisitions
On January 17, 2017, the Company completed its acquisition of Online Banking Solutions, Inc. (“OBS”), gaining additional cash management and digital business banking capabilities that complement and enrich the Company’s existing solutions, for a purchase price of $78 million, net of cash acquired, with earn-out provisions of up to $20 million. OBS products are integrated across a number of the Company’s account processing solutions and with other core processing platforms, and should enable its bank and credit union clients to better serve their commercial customers.
As of March 31, 2017, the preliminary purchase price allocation for this acquisition primarily resulted in technology and customer intangible assets totaling approximately $30 million and goodwill of approximately $60 million. The goodwill, recognized within the Financial Institution Services (“Financial”) segment, from this transaction is deductible for tax purposes and is primarily attributed to synergies and anticipated revenue and earnings growth associated with the products and services that this business provides. The results of operations for OBS have been included in the accompanying consolidated statements of income from the acquisition date. Pro forma information is not provided because the acquisition did not have a material effect on the Company’s consolidated results of operations.