ACQUISITIONS On January 14, 2019, the Company made an investment of $1,000 in the equity of a hospitality software and payments company. The acquired asset is accounted for as a cost method investment. During the six months ended March 31, 2019, the Company also acquired the following intangible assets and businesses: Residual Buyouts From time to time, the Company acquires future commission streams from sales agents in exchange for an upfront cash payment. This results in an increase in overall gross processing volume to the Company. The residual buyouts are treated as asset acquisitions, resulting in recording a residual buyout intangible asset at cost on the date of acquisition. These assets are amortized using a method of amortization that reflects the pattern in which the economic benefits of the intangible asset are expected to be utilized over their estimated useful lives. During the six months ended March 31, 2019, the Company purchased $2,582 in residual buyouts using a combination of cash on hand and borrowings on the Company's revolving line of credit. The acquired residual buyout intangible assets have a weighted-average amortization period of seven years. Business Combinations During the six months ended March 31, 2019, the Company completed the acquisitions of four unrelated businesses. These four acquisitions expanded the Companys software offerings in the public sector vertical market, provided technology that enhances the Companys Burton Platform and expanded the Company's merchant base. Total purchase consideration was $45,829, including $41,224 in revolving line of credit proceeds and $4,605 of contingent consideration. Certain of the purchase price allocations assigned for these acquisitions are preliminary. The goodwill associated with the acquisitions of the four businesses is deductible for tax purposes. The acquired merchant relationships intangible assets have estimated amortization periods of between thirteen and sixteen years. The non-compete agreement and trade names have weighted-average amortization periods of three and six years, respectively. The weighted-average amortization period for all intangibles acquired is fifteen years. The acquired capitalized software has an estimated amortization period of six years. Acquisition-related costs for these businesses amounted to approximately $372 and were expensed as incurred. Certain provisions in the purchase agreements provide for additional consideration of up to $15,100, in the aggregate, to be paid based upon the achievement of specified financial performance targets, as defined in the purchase agreements, through no later than February 2021. The Company determined the acquisition date fair values of the liabilities for the contingent consideration based on discounted cash flow analyses. In each subsequent reporting period, the Company will reassess its current estimates of performance relative to the targets and adjust the contingent liabilities to their fair values through earnings. See additional disclosures in Note 7. Summary of Business Combinations The preliminary fair values assigned to certain assets and liabilities assumed, as of the acquisition dates, during the six months ended March 31, 2019 were as follows: Accounts receivable $ 2,099 Inventories 26 Prepaid expenses and other current assets 7 Property and equipment 301 Capitalized software 4,000 Acquired merchant relationships 19,200 Non-compete agreements 40 Trade name 600 Goodwill 20,666 Total assets acquired 46,939 Accrued expenses and other current liabilities 12 Deferred revenue, current 1,098 Net assets acquired $ 45,829 Pro Forma Results of Operations for Business Combinations The following unaudited supplemental pro forma results of operations have been prepared as though each of the businesses that were acquired during the six month period ended March 31, 2019 had occurred on October 1, 2017. Pro forma adjustments were made to reflect the impact of depreciation and amortization, changes to executive compensation and the revised debt load, all in accordance with ASC 805. This supplemental pro forma information does not purport to be indicative of the results of operations that would have been attained had the acquisitions been made on these dates, or of results of operations that may occur in the future. Six months ended March 31, 2019 2018 Revenue $ 173,098 $ 163,213 Net income (loss) $ 1,417 $ (5,905)