Business Combinations |
3 Months Ended |
|---|---|
Sep. 30, 2018 | |
| Business Combinations [Abstract] | |
| BUSINESS COMBINATIONS |
NOTE 6 - BUSINESS COMBINATIONS
During the three months ended September 30, 2018, the Company acquired certain assets and assumed certain liabilities of a privately-held company for a total purchase consideration of $4.1 million, which includes a promise to pay an additional consideration of up to $1.5 million contingent on the achievement of certain milestones. As of September 30, 2018, the estimated fair value of the additional consideration was $1.5 million, which is classified as a current liability on the condensed consolidated balance sheet.
On July 11, 2018, the Company acquired the outstanding shares of a privately-held company for a total purchase consideration of $11.3 million, including the fair value of the promise to pay an additional consideration of up to $4.5 million contingent on the achievement of certain revenue milestones. As of September 30, 2018, the estimated fair value of the additional consideration was $1.6 million, which is classified as a current liability on the condensed consolidated balance sheet.
The Company has included the financial results of the acquisitions completed during the first quarter of the fiscal year 2019 in its condensed consolidated financial statements from the date of acquisition. These results were not individually or in aggregate material to our condensed consolidated financial statements.
For the fiscal year ended June 30, 2018, the Company acquired a product line from Keysight Technologies, Inc., a related party, for a total purchase consideration of $12.1 million, of which $5.2 million was allocated to goodwill based on the fair value at the acquisition date. Goodwill recognized was deductible for income tax purposes. For additional details, refer to Note 8 “Business Combinations,” of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018.
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