Pixia corp software#

We paid cash of $36.4 million in January 2020 at closing which was funded from borrowings under our existing credit facilities, and we will pay up to an additional $2.0 million if Delerrok’s sales exceed certain levels in the future. Our purchase agreement included an option to purchase the remaining 82.5% of Delerrok’s common stock, which we exercised in November 2019. We did not recognize any income or loss from our investment in Delerrok for the three months ended Decemand 2018. At December 31, 2019, our investment in Delerrok amounted to $6.5 million. We elected the measurement alternative provided by ASC 321, Investments – Equity Securities, and recorded our investment in Delerrok at cost, adjusted for observable price changes or any impairments, within other assets on our Condensed Consolidated Balance Sheet. (Delerrok), a private technology company based in Vista, California, that specializes in electronic fare collection systems. The amount paid to the sellers of Pixia will be adjusted for the difference between net working capital acquired and a targeted working capital amount.ĭuring fiscal years 20, we invested a total of $6.5 million to purchase 17.5% of the outstanding common stock of Delerrok Inc. After the closing date, this transaction will be treated as a business combination for accounting purposes. Our acquisition of the remaining capital stock of Pixia closed in January 2020 and was funded from borrowings under our existing credit facilities. Our purchase agreement with Pixia included an option to purchase the remaining 80% of its capital stock for $200.0 million, which we exercised in November 2019. At December 31, 2019, our investment in Pixia amounted to $47.4 million and is recorded within other assets on our Condensed Consolidated Balance Sheet. The net amount we recognized in the first quarter of fiscal 2020 for our interest in Pixia’s operating results less the amortization of our share of Pixia’s intangible assets was a loss of $1.8 million. We recognize our interest in Pixia’s operating results less the amortization of our share of Pixia’s intangible assets within other income (expense) in our Condensed Consolidated Statements of Operations. Our share of the remaining basis difference of $32.3 million is identified as goodwill and will not be amortized. The remaining identifiable intangible assets subject to amortization totaled $13.7 million as of December 31, 2019. At the date of our investment, we calculated the fair value of our share of Pixia’s identifiable intangible assets as $17.0 million, which will be amortized in other income (expense) over a weighted average remaining useful life of approximately five years. In accordance with ASC 323, Investments – Equity Method and Joint Ventures, we accounted for the basis difference between the cost of our investment in Pixia and our equity share of Pixia’s net assets as if Pixia was a consolidated subsidiary. Through Decemwe accounted for our investment in Pixia using the equity method of accounting.

Pixia corp software#

(Pixia), a private software company based in Herndon, Virginia, which provides high performance advanced data indexing, warehousing, processing and dissemination software solutions for large volumes of imagery data within traditional or cloud-based architectures. On June 27, 2019, we paid cash of $50.0 million to purchase 20% of the outstanding capital stock of PIXIA Corp. Certain remaining working capital settlement estimates, primarily related to the fair value of accounts receivable, have not yet been settled with the Purchaser. The net receivable from the Purchaser at Decemwas $2.4 million.

In connection with the revision of these estimates, we reduced the receivable from the Purchaser by $0.6 million and recognized a corresponding loss on the sale of CGD Services in the first quarter of fiscal 2020. Since the sale we have worked with the Purchaser and revised certain estimates related to the working capital settlement. In the third quarter of fiscal 2018, we received $133.8 million in connection with the sale and we recorded a receivable from the Purchaser for the estimated amount due related to the working capital settlement. In accordance with the terms of the stock purchase agreement, the Purchaser agreed to pay us $135.0 million in cash upon the closing of the transaction, adjusted for the estimated working capital of CGD Services at the date of the sale compared to a working capital target. In May 2018 we sold our Cubic Global Defense Services (CGD Services) business to Nova Global Supply & Services, LCC (Purchaser), an entity affiliated with GC Valiant, LP.