3. BUSINESS COMBINATIONS Fiscal 2015 Acquisitions Raydiance, Inc. On July 24, 2015, we acquired certain assets of Raydiance, Inc. ("Raydiance") for approximately $ 5.0 million , excluding transaction costs. Raydiance manufactured complete tools and lasers for ultrafast processing systems and subsystems in the precision micromachining processing market. The Raydiance assets have been included in our Specialty Lasers and Systems segment. Our allocation of the purchase price is as follows (in thousands): Tangible assets $ 1,048 Goodwill 1,552 Intangible assets: Existing technology 800 Customer lists 1,600 Total $ 5,000 The purchase price allocated to goodwill was finalized in the first quarter of fiscal 2016 with an increase of $0.4 million and has been updated from the preliminary allocation in the fourth quarter of fiscal 2015. Results of operations for the business have been included in our consolidated financial statements subsequent to the date of acquisition and pro forma results of operations in accordance with authoritative guidance for prior periods have not been presented because the effect of the acquisition was not material to our prior period consolidated financial results. The identifiable intangible assets are being amortized over their respective useful lives o f three to five years. None of the goodwill from this purchase is deductible for tax purposes. We expensed $ 0.1 million of acquisition-related costs as selling, general and administrative expenses in our consolidated statements of operations for our fiscal year 2015. Tinsley Optics On July 27, 2015, we acquired the assets and certain liabilities of the Tinsley Optics ("Tinsley") business from L-3 Communications Corporation for approximately $4.3 million , excluding transaction costs. Tinsley is a specialized manufacturer of high precision optical components and subsystems sold primarily in the aerospace and defense industry. Tinsley manufactures the large form factor optics for our excimer laser annealing systems. Tinsley has been included in