8. BUSINESS COMBINATIONS Vermilion On November 8, 2016, FactSet acquired Vermilion Holdings Limited (Vermilion) for a total purchase price of $68.4 million. Vermilion is a global provider of client reporting and communications software and services to the financial services industry. Client reporting is a rapidly growing area of the market as regulatory requirements rise and with the acquisition of Vermilion and its Vermilion Reporting Suite (VRS), FactSet now offers a workflow around all elements of the client reporting process that it expects will expand as investors grow increasingly sophisticated. This factor contributed to a purchase price in excess of fair value of Vermilions net tangible and intangible assets, leading to the recognition of goodwill. At the time of acquisition, Vermilion employed 59 individuals in its London, Boston and Singapore offices. Total transaction costs related to the acquisition were $0.7 million and recorded within Selling, General and Administrative (SG&amp;A) expenses in the Consolidated Statements of Income for the first quarter of fiscal 2017. The initial purchase price was allocated to Vermilions net tangible and intangible assets based upon their estimated fair value as of the date of acquisition. The purchase price allocation is preliminary, pending a final valuation of the assets and liabilities including intangible assets and the related tax impact of any adjustments to such valuations. Based upon these estimated fair values and the intangible assets valuation, the initial purchase price allocation is as follows: (i n thousands ) Tangible assets acquired $ 8,243 Amortizable intangible assets Software technology 10,916 Client relationships 5,954 Non-compete agreements 806 Trade name 571 Goodwill 51,314 Total assets acquired $ 77,804 Liabilities assumed (9,375 ) Net assets acquired $ 68,429 Intangible assets of $18.2 million have been allocated to amortizable intangible assets consisting of client relationships, amortized over 15 years using an accelerated amortizati