Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

v3.19.2
Subsequent Events
6 Months Ended
Jun. 30, 2019
Subsequent Events [Abstract]  
Subsequent Events  Subsequent Events
On July 10, 2019, we acquired substantially all of the assets of CRE Global Enterprises, LLC, and its subsidiaries, including 100% of the shares outstanding in its legal entities in the UK, Canada and Colombia (collectively “Hipercept”). Hipercept is a provider of data services and data analytics solutions to institutional commercial real estate owners. Purchase consideration was comprised of $18.0 million of cash paid at closing, deferred cash obligations of up to $4.0 million, and a contingent consideration obligation of up to $28.0 million based on the achievement of certain financial objectives. The deferred cash obligations are subject to any indemnification claims 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 July 26, 2019, we acquired substantially all of the assets of Simple Bills Corporation (“SimpleBills”), a provider of utility management services for the multi-family student housing market. Purchase consideration was comprised of $16.1 million of cash paid at closing, deferred cash obligations of up to $3.4 million, and contingent equity grants of up to $10.0 million to be awarded based on the achievement of certain financial objectives and continued employment of certain SimpleBills employees. The deferred cash obligations are subject to any indemnification claims and will be released in part on the first anniversary of the closing with the remainder released on the second 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 a subsequent Form 10-Q.