Acquisition

6 Months Ended

Jun. 30, 2014

Acquisition [Abstract]

Acquisition

2. Acquisition

On June 12, 2014, the Company acquired SCC Services B.V. ("SCC"), a supplier of business-to-business IT products and services with operations in the Netherlands.  This acquisition expands the Company's service offerings and strengthens its existing operations within the Netherlands.  The purchase price (after giving effect to the conversion of Euros to U.S. dollars) was approximately $7.3 million in cash (5.4 million Euro), $0.6 million (0.4 million Euro) of which was placed into an escrow account for one year to secure the sellers' indemnification obligations under the purchase agreement. A preliminary allocation of the purchase price was done as of the acquisition date. The Company acquired approximately $4.8 million in total assets, including approximately $0.9 million in cash, $12.3 million in receivables, $2.5 million in goodwill and other intangibles and $10.8 million in payables. The Company has determined that this is not a material acquisition for financial reporting purposes.  The accounts of SCC are included in the accompanying condensed consolidated balance sheet. The operating results of SCC are included in the accompanying condensed consolidated statements of operations from the date of acquisition.  SCC is included in the European operations of the Company's Technology Products business segment.