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The following table summarizes the purchase price allocations for our 2013 acquisitions as of the acquisition dates:
Weighted-
Average Life
(Years)
Total 2013
Acquisitions
Accounts/finance receivables $ 10
Intangible assets:
Customer relationships 10 19
Existing technology 14 17
Trademarks 19 11
Non-compete agreements 4 3
Software 5 7
Goodwill 121
Other assets 16
Total Assets Acquired 204
Liabilities assumed (49)
Total Purchase Price $155
2012 and 2011 Acquisitions
In July 2012, we acquired Wireless Data Services, Ltd. (WDS), a provider of technical support, knowledge
management and related consulting to the world's largest wireless telecommunication brands for approximately $95
(£60 million) in cash. Based in the U.K., WDS's expertise in the telecommunications industry strengthens our broad
portfolio of customer care solutions.
In February 2012, we acquired R.K. Dixon, a leading provider of IT services, copiers, printers and managed print
services for approximately $58 in cash. The acquisition furthers our coverage of central Illinois and eastern Iowa,
building on our strategy to create a nationwide network of locally-based companies focused on customers' needs to
improve performance through efficiencies.
In December 2011, we acquired the Merizon Group Inc. which operates MBM formerly known as Modern Business
Machines, a Wisconsin-based office products distributor for approximately $42 net of cash acquired. The acquisition
furthers our strategy of creating a nationwide network of locally-based companies focused on improving document
workflow and office efficiency.
In November 2011, we acquired The Breakaway Group (Breakaway), a cloud-based service provider that helps
healthcare professionals accelerate their adoption of an electronic medical records (EMR) system, for
approximately $18 net of cash acquired. We are also obligated to pay the sellers up to an additional $25 if certain
future performance targets are achieved, of which $18 was recorded as of the acquisition date representing the
estimated fair value of this obligation for a total acquisition fair value of $36 (see "Contingent Consideration" below).
The Denver-based firm's technology allows caregivers to practice using an EMR system without jeopardizing actual
patient data. This acquisition adds to our offering of services that help healthcare professionals use the EMR
system for clinical benefit.
In September 2011, we acquired the net assets related to the U.S. operations of Symcor Inc. (Symcor). In
connection with the acquisition, we assumed and took over the operational responsibility for the customer contracts
related to this operation. We agreed to pay $17 for the acquired net assets and the seller agreed to pay us $52,
which represented the fair value of the liabilities assumed for a net cash receipt of $35.The assumed liabilities
primarily include customer contract liabilities representing the estimated fair value of the obligations associated with
the assumed customer contracts. We are recognizing these liabilities over a weighted-average period of
approximately two years consistent with the cash outflows from the contracts. Symcor specializes in outsourcing
services for U.S. financial institutions and its offerings range from cash management services to statement and
check processing.
Xerox 2013 Annual Report 78