|6 Months Ended|
Jun. 30, 2018
|Subsequent Events [Abstract]|
On July 13, 2018, we acquired substantially all of the assets of Blu Trend, LLC (“BluTrend”), a provider of utility management services for the multifamily housing industry. The acquired assets will be integrated with our existing resident utility management platform. Purchase consideration was comprised of a cash payment at closing of $8.5 million, deferred cash obligations of up to $1.0 million, and deferred stock obligations of up to $1.0 million. The deferred obligations are subject to forfeiture upon the occurrence of certain events and any indemnification claims made, and will be released in part on the first anniversary of the closing with the remainder released on the second anniversary of the closing.
On August 1, 2018, we entered into an agreement to acquire substantially all of the assets of LeaseLabs, Inc. (“LeaseLabs”), a full stack marketing solutions provider to the multifamily housing industry. The closing of the proposed acquisition is subject to standard closing conditions and completion of regulatory review. Upon closing of the transaction, the acquired assets will be integrated with our existing marketing solutions platform.
The purchase price will consist of a payment of up to $103.0 million in cash and common stock, and a contingent cash obligation of up to approximately $14.0 million, based on the achievement of certain financial objectives. The purchase price is subject to working capital adjustments and includes deferred cash obligations of up to $11.8 million and a deferred stock obligation of $5.0 million. Subject to any indemnification claims made, the deferred cash obligations will be released in part on the first anniversary of the closing with the remainder released on the second anniversary of the closing. The deferred stock obligations will be issued at the first anniversary of the closing.
Due to the timing of these acquisitions, certain disclosures required by ASC 805, including the allocation of the purchase price, have been omitted because the initial accounting for the business combinations was incomplete as of the filing date of this report. Such information will be included in our subsequent Form 10-Q.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef