Acquisitions

9 Months Ended

Mar. 31, 2021

Camo Analytics AS

On November 17, 2020, we completed the acquisition of substantially all the outstanding shares of Camo Analytics AS (“Camo”), a leading provider of industrial analytics, for a total cash consideration of $12.7 million. The purchase price consisted of $10.0 million of cash paid at closing, a subsequent working capital adjustment of $(0.1) million, $0.3 million to be paid for the remaining undelivered shares as of the closing date, and $2.4 million to be held back as security for certain representations, warranties, and obligations of the sellers. The holdback amounts are recorded in accrued expenses and other current liabilities in our consolidated balance sheet. As of March 31, 2021, $0.2 million has been subsequently paid for the remaining undelivered shares.

An allocation of the purchase price is as follows:


	Amount
	(Dollars in Thousands)
Tangible assets acquired, net	$	877
Identifiable intangible assets:
Technology-related	2,533
Customer relationships	1,900
Goodwill	7,356

Total assets acquired, net	$	12,666

The goodwill reflects the value of the assembled workforce and the company-specific synergies we expect to realize by selling Camo products and services to our existing customers and is reported under the subscription and software reporting unit. The results of operations of Camo have been included prospectively in our results of operations since the date of acquisition.

OptiPlant, Inc.

On December 8, 2020, we completed the acquisition of all the outstanding shares of OptiPlant, Inc. (“OptiPlant”), a leading provider of AI Driven 3D Conceptual Design and Engineering Automation software, for a total cash consideration of $8.2 million. The purchase price consisted of $6.8 million of cash paid at closing, $0.2 million to be held back for working capital adjustments, and $1.2 million to be held back as security for certain representations, warranties, and obligations of the sellers. The holdback amounts are recorded in other non-current liabilities in our consolidated balance sheet. The working capital adjustment holdback of $0.2 million was subsequently paid in March 2021.

An allocation of the purchase price is as follows:


	Amount
	(Dollars in Thousands)
Tangible assets acquired, net	$	44
Identifiable intangible assets:
Technology-related	1,485
Customer relationships	990
Goodwill	6,252
Deferred tax liabilities	(545)
Total assets acquired, net	$	8,226

The goodwill reflects the value of the assembled workforce and the company-specific synergies we expect to realize by selling OptiPlant products and services to our existing customers and is reported under the subscription and software reporting unit. The results of operations of OptiPlant have been included prospectively in our results of operations since the date of acquisition.