Vistaprint 2015 Annual Report Download - page 80

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Our consolidated financial statements include Exagroup from April 15, 2015, the date of acquisition.
Exagroup's revenue included in our consolidated revenues for the year ended June 30, 2015 was $18,155.
Exagroup's net income included in our consolidated net income attributable to Cimpress N.V. for the year ended
June 30, 2015 was $563, inclusive of amortization of identifiable intangible assets.
Noncontrolling Interest
At the closing, we entered into reciprocal put and call options with the Remaining Shareholders with respect
to the 30% of Exagroup shares held by the Remaining Shareholders, pursuant to which each of the Remaining
Shareholders has the right to put his or her Exagroup shares to us for a period of 30 days beginning on April 15,
2019. If one or both of the Remaining Shareholders does not exercise his or her put option, then we have the right
to exercise our call option on such Remaining Shareholder's Exagroup shares for a period of 30 days beginning on
January 10, 2020. If the put or call options are exercised, the aggregate purchase and sale price for such shares
will be €39,000. We may pay an additional €8,000 contingent payment that is dependent on Exagroup’s
achievement of certain revenue targets for calendar year 2017, as well as the continued employment of the
Remaining Shareholders. As this potential additional payment is contingent upon the Remaining Shareholders'
post-acquisition employment it will be recognized as compensation expense over the vesting period (through
December 31, 2017). We estimate the value of the potential payment as of June 30, 2015 to be $1,243, which will
be accrued over the vesting period. We have recognized an immaterial amount in general and administrative
expense for the year ended June 30, 2015.
The table below details the consideration transferred to acquire Exagroup:
Cash paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 97,012
Working capital and debt adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,832
Total consideration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $101,844
The excess of the purchase price paid over the fair value of Exagroup's net assets was recorded as
goodwill, which is primarily attributable to cost synergies expected from manufacturing and tax efficiency
opportunities, as well as the value of the workforce of Exagroup. Goodwill is not expected to be deductible for tax
purposes, and has been attributed to our All Other Business Units reportable segment. The fair value of the assets
acquired and liabilities assumed was:
Weighted Average
Amount Useful Life in Years
Tangible assets acquired and liabilities assumed: . . . . . . . . . . . . . . . .
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 18,991 n/a
Other current assets (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,318 n/a
Non-current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,711 n/a
Accounts payable and other current liabilities . . . . . . . . . . . . . . . . (21,008) n/a
Deferred tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (21,655) n/a
Other long term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9,966) n/a
Identifiable intangible assets:
Customer relationships . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35,434 7-9
Trade name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,900 10-14
Developed technology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,669 3
Noncontrolling interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43,354)
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,804 n/a
Total purchase price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 101,844
(1) Includes real estate assets classified as held for sale of $1,971.