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Acquisitions
3 Months Ended
Mar. 31, 2012
Acquisitions [Abstract]  
Acquisitions

(2)  Acquisitions

 

In January 2012, we acquired substantially all of the assets of Akanda Innovation, Inc., a provider of web-based solutions to the public sector which are integrated with our property tax software, for a total purchase price of $2.9 million.  The purchase price included certain liabilities we assumed of approximately $800,000, resulting in net cash paid to the sellers of $2.1 million, of which $900,000 was paid prior to December 31, 2011.   We recorded goodwill of approximately $1.0 million, all of which is expected to be deductible for tax purposes, and acquired software of approximately $1.9 million that will be amortized over five years.

 

In March 2012, we acquired all the capital stock of Unifund, L.L.C. (“Unifund”) for a cash purchase price of $4.6 million, net of cash acquired of $780,000.  Unifund provides enterprise resource planning solutions to schools and local governments, primarily in the Northeast.  Unifund is also a reseller of Tyler’s Infinite Visions school enterprise solution. In connection with this transaction we acquired total tangible assets of approximately $745,000 and assumed liabilities of approximately $1.5 million.   We recorded goodwill of approximately $1.1 million, all of which is expected to be deductible for tax purposes, and other intangible assets of approximately $4.3 million. The $4.3 million of intangible assets is attributable to customer relationships and acquired software that will be amortized over a weighted average period of approximately 9.5 years.

 

Our balance sheet as of March 31, 2012 reflects the allocation of the purchase price to the assets acquired based on their estimated fair values at the date of acquisition. 

 

The operating results of these acquisitions are included in our results of operations since their date of acquisition.