2. Business Combinations On June 15, 2015, the Company completed the cash acquisition of Hudson Global Resources Management, Inc.s U.S. IT staffing business (Hudson IT). The acquisition supports Mastechs growth strategy as a premier provider of IT staffing services by expanding its existing client base, increasing its domestic recruitment capabilities and strengthening its management talent. The acquisition was structured as an asset purchase and was accounted for using the acquisition method of accounting. The acquisition method of accounting requires that the assets acquired and liabilities assumed be measured at their fair values as of the closing date. The financial terms of the acquisition included a $16,987,000 purchase price and the assumption of $13,000 net current liabilities), with the seller retaining essentially all working capital. The cash purchase price at closing was paid with funds obtained from the following sources: (in thousands) Amounts Cash balances on hand $ 2,000 Term loan facility 9,000 Revolving line of credit 5,987 Cash paid at Closing $ 16,987 The allocation of purchase price was based on estimates of the fair value of assets acquired and liabilities assumed as of June 15, 2015, as set forth below. The excess purchase price over the fair values of the net tangible assets and identifiable intangible assets was recorded as goodwill, which includes value associated with the assembled workforce. All goodwill is expected to be deductible for tax purposes. The valuation of net assets acquired is as follows: (in thousands) Amounts Current Assets $ 18 Fixed Assets 6 Identifiable intangible assets: Client relationships 7,999 Covenant not-to-compete 319 Trade name 249 Total identifiable intangible assets 8,567 Goodwill 8,427 Current liabilities (31 ) Net Assets Acquired $ 16,987 The fair value of identifiable intangible assets has been estimated using the income approach through a discounted cash flow analysis. Specifically, the Company used the income approach through an excess earnings ana