Envestnet, Inc. Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

In connection with the Redi2 acquisition, the Company paid estimated consideration as follows:


	Preliminary Estimate		Measurement Period Adjustments		Revised Estimate

	(in thousands)
Cash consideration, net	$	69,406	$	—	$	69,406
Estimated working capital adjustment	(1,465)		932		(533)
Total	$	67,941	$	932	$	68,873

The following table summarizes the estimated fair values of the assets acquired at the date of acquisition:


	Preliminary Estimate		Measurement Period Adjustments		Revised Estimate

	(in thousands)
Total current assets	$	1,985	$	—	$	1,985
Other non-current assets	3,349		(28)		3,321
Identifiable intangible assets	26,500		—		26,500
Goodwill	44,236		2,231		46,467
Total assets acquired	76,070		2,203		78,273

Accounts payable and accrued expenses	(1,157)		(1,271)		(2,428)
Operating lease liabilities	(2,201)		—		(2,201)
Deferred revenue	(4,771)		—		(4,771)
Total liabilities assumed	(8,129)		(1,271)		(9,400)
Total net assets acquired, net of cash received	$	67,941	$	932	$	68,873

A summary of estimated intangible assets acquired, estimated useful lives and amortization method is as follows:


	Preliminary Estimate		Estimated Useful Life	Amortization Method

	(in thousands)		(in years)
Customer lists	$	14,000	14 - 16	Accelerated
Proprietary technologies	9,500		6	Straight-line
Trade names	3,000		6 - 7	Straight-line
Total intangible assets acquired	$	26,500