Business Acquisitions

9 Months Ended

Sep. 30, 2020

2. BUSINESS ACQUISITIONS

Navigate. On February 21, 2020, the Company acquired Helix Media Pte. Ltd., Navigate Response (Asia) Pte. Ltd., Navigate PR Ltd., and Navigate Response Limited (collectively "Navigate"), a global crisis communications network specializing in the international shipping, port and offshore industries, for $3.6 million. The purchase price consisted of $1.0 million in cash, net of cash acquired of $0.8 million, paid at the closing of the acquisition and $1.8 million of contingent consideration that is payable upon Navigate meeting certain specified cash collection and client retention targets for the 24 months following the acquisition date. The Company performed a preliminary fair value analysis and the purchase price was allocated to the acquired assets and liabilities based on their fair value resulting in no goodwill being recorded. During the nine months ended September 30, 2020, the Company paid $0.1 million of the contingent consideration.

Purchase Price Allocation. The allocation of the purchase price for the Company’s acquisition for the nine months ended September 30 was as follows (in thousands):


	2020

Trade and other receivables	$	295
Other current assets	103

Property and Equipment	5

Intangible Assets	3,078

Accounts payable and other accrued liabilities	(31)
Other current liabilities(1)	(2,113)


Other Liabilities(1)	(367)


Purchase price(2)	$	970

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(1)Includes contingent consideration.

(2)Purchase price is net of cash acquired totaling $0.8 million.