Business Combinations On May 1, 2019, we acquired 100% of the outstanding equity of Artefact Product Group, LLC (Artefact Product Group or 10,000ft), a Washington limited liability company, pursuant to an Agreement and Plan of Merger (the Merger Agreement). The acquisition is complementary to our existing product capabilities and accelerates our time to market for a resource planning software solution. The aggregate consideration paid in exchange for all of the outstanding equity interests of Artefact Product Group was approximately $27.8 million in cash, after a working capital adjustment of $0.2 million and excluding cash acquired. Of the cash paid at closing, as of April 30, 2020, a total of $2.8 million remained held in escrow to secure our indemnification rights under the Merger Agreement. The amount held in escrow is to be released one year after the acquisition date. We accounted for the transaction as a business combination using the acquisition method of accounting. We allocated the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed based on their respective estimated fair values on the acquisition date. Excess purchase price consideration was recorded as goodwill, and is primarily attributable to the acquired assembled workforce and expected growth from the expansion of the acquired product offerings and customer base. The goodwill recognized upon acquisition is expected to be deductible for U.S. federal income tax purposes. We engaged a third-party valuation specialist to aid our analysis of the fair value of the acquired intangibles. All estimates, key assumptions, and forecasts were either provided by or reviewed by us. While we chose to utilize a third-party valuation specialist for assistance, the fair value analysis and related valuations reflect the conclusions of management and not those of any third party. 10,000fts results of operations have been included in the Companys condensed consolidated results of operations since the acquisition date. The major classes of assets and liabilities to which the Company allocated the purchase price, net of the $0.2 million working capital adjustment, were as follows (in thousands): May 1, 2019 Cash $ 1,150 Current Assets 801 Intangible Assets 16,090 Goodwill 11,001 Current Liabilities (180) Deferred Revenue (1,030) Total $ 27,832 The estimated useful lives and fair values of the identifiable intangible assets at acquisition date were as follows (dollars in thousands): Fair Value Expected Useful Life Software Technology $ 8,000 5 years Customer Relationships 7,990 8 years Trade Name 100 32 months Total intangible assets $ 16,090