content_image/270758.jpg content_image/270759.jpg content_image/270760.jpg
The purchase price allocation includes $3,095,000 of acquired intan- gible assets, as follows: 

<img src='content_image/270758.jpg'>

Recorded goodwill of $19,837,000 for Tenfore represents the pre- mium we paid over the fair value of the net tangible and intangible assets we acquired. We paid this premium for a number of reasons, including the strategic benefits of adding real-time stock quotes from nearly all of the world’s major stock exchanges. We also expect to leverage our existing client base and geographic presence with the ability to offer a key data feed to institutions around the world. 

The deferred tax liability of $866,000 results mainly because the amortization expense related to the intangible assets is not deduct- ible for income tax purposes. The goodwill we recorded is not con- sidered deductible for income tax purposes. 

## Other Acquisitions in 2008 

We also completed two other acquisitions in 2008: 

U  Financial Computer Support, Inc. (FCSI) is a leading provider of practice management software for independent advisors. FCSI’s flagship product, dbCAMS+, is a portfolio management system that allows advisors to easily track and produce client reports as well as manage client contact information and billing. We incor- porated dbCAMS+ into our Morningstar Principia product line in 2009. We began including the financial results of this acquisition in our Consolidated Financial Statements on September 2, 2008. 

U  InvestData (Proprietary) Limited (InvestData) is a leading provider of fund information in South Africa. We began including the financial results of this acquisition in our Consolidated Financial Statements on December 29, 2008. 

The combined purchase price for these two acquisitions was $5,694,000 including post-closing adjustments and transaction costs directly related to the acquisitions, less acquired cash. Substantially all of the purchase price was paid in cash during 2008, with approx- imately $147,000 paid in December 2009. 

For these two acquisitions, the following table summarizes our allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed at the dates of acquisition: 

<img src='content_image/270759.jpg'>

The purchase price allocation includes $2,324,000 of acquired intan- gible assets, as follows: 

<img src='content_image/270760.jpg'>

Recorded goodwill of $4,143,000 for FCSI and InvestData represents the premium we paid over the fair value of the net tangible and intangible assets we acquired. For FCSI, we paid this premium for a number of reasons, including the strategic benefits of bringing together two popular software applications in a single product suite and adding functionality and capabilities in portfolio management, accounting, and performance reporting. For InvestData, we paid this premium for a number of reasons, including the strategic ben- efits of a more diversified global managed funds database and the ability to leverage Morningstar’s existing client base in a new geo- graphic region. 

Because amortization expense related to certain intangible assets is not deductible for income tax purposes, we recorded a deferred tax liability of $865,000 related to these acquisitions. The goodwill we recorded is not considered deductible for income tax purposes. 

