10. Business combinations Acquisition of Stitch, Inc. On November 9, 2018, the Talend, Inc., a wholly-owned subsidiary of the Company acquired all of the outstanding shares of Stitch Inc., (Stitch), a leading cloud-based service to seamlessly load data to cloud data warehouses , for a cash payment of $59.5 million. Talend, Inc, also recognized transaction costs of approximately $0.7 million , which is included in general and administrative expense in its consolidated statements of operations for the year ended December 31, 2018. Stitchs self-service solution for efficiently moving data from cloud applications into cloud data warehouses and the Groups low-touch sales strategy further enhances the Groups alignment with cloud platforms such as Microsoft Azure, Amazon AWS and Snowflake. In addition, the acquisition of Stitch further addresses the growing demand from data engineers and analyst for self-service cloud data integration solutions . The Group has included the financial results of Stitch in its consolidated financial statements from the date of acquisition, which have not been material to date. The following table summarizes the estimated provisional fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Fair Value Cash $ 1,625 Acquired developed technology 11,400 Customer relationships 3,300 Goodwill 43,435 Other assets, net 143 Deferred revenue (410) Total consideration transferred $ 59,493 The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The goodwill balance is primarily attributed to the assembled workforce and expanded market share within the data integration industry, which is moving towards cloud data warehouses. The goodwill balance is not deductible for income tax purposes. The fair values assigned to tangible assets acquired, liabilities assumed and identifiable intangible assets were based on managements estimates and assumptions. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition. Fair Value Useful Life (Years) Developed technology $ 11,400 5 Customer relationships 3,300 2 Total intangible assets subject to amortization $ 14,700 The following unaudited pro forma consolidated financial information presents the results of operations of the Group (in thousands, except per share amounts) as if the acquisition of Stitch had occurred at the beginning of fiscal 2017, after giving effect to certain purchase accounting adjustments. The pro forma financial information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisition had taken place at January 1, 2017. Year Ended December 31, 2017 2018 Total revenue $ 150,008 $ 207,048 Net loss $ (41,675) $ (47,442) Basic and diluted net loss per share $ 1.44 $ 1.59 Acquisition of Restlet SAS On November 8, 2017, the Company acquired all of the outstanding shares of Restlet SAS (Restlet), a cloud-based Application Programming Interface (API) design and testing platform, for a purchase price of 8.6 million ($10.2 million) consisting of cash and the fair value of debt assumed. The Company acquired Restlets Web API to complement its existing ability to integrate, transform, govern, and share enterprise data. With the Restlet platform, the Company makes it easier for customers to take an API-first design approach to monetizing and securely sharing information in real-time with clients and business partners. The Group has included the financial results of Restlet in its consolidated financial statements from the date of acquisition. The total purchase price consideration for Restlet of 8.6 million ($10.2 million), consisted of 7.7 million ($9.0 million) in cash and 1.0 million ($1.2 million) for the fair value of debt assumed. The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition (in thousands): Fair Value Other current assets $ 55 Property and equipment, net 32 Intangible assets 7,535 Goodwill 2,876 Trade and other payables (299) Deferred revenue (28) Net assets acquired $ 10,171 Net debt assumed (1,188) Total consideration transferred 1 $ 8,983 1 The difference between the cash flow statement amount for cash consideration for business acquisitions of $9.2 million and the total consideration transferred per the table of $9.0 million, is due to applying different foreign currency rates at the time of payment versus when the initial balance sheet amounts were recorded on Talends books. The excess of purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The goodwill balance is primarily attributed to the assembled workforce and expanded market opportunities when integrating Restlets API platform into Groups platforms. The goodwill balance is not deductible for income tax purposes. The fair values assigned to tangible assets acquired, liabilities assumed and identifiable intangible assets were based on managements estimates and assumptions. The deferred tax liabilities that would be established, primarily resulting from the difference in the book basis and tax basis related to the identifiable intangible assets, is fully offset by the deferred tax assets on existing net operating losses. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition. Fair Value Useful Life (Years) Developed technology $ 7,319 5 Customer relationships 216 1 Total intangible assets subject to amortization $ 7,535