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

Quarterly report pursuant to Section 13 or 15(d)

Business Acquisitions (Tables)

Business Acquisitions (Tables)

6 Months Ended

Jun. 30, 2012

Pro forma financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the period presented.


	Three Months ended June 30,					Six Months ended June 30,
	2012			2011		2012			2011

Revenue	$	39,082		$	37,968	$	76,197		$	73,606
Net income (loss)		(957	)		2,146		(1,980	)		2,158
Net income (loss) per share:
Basic		(0.03	)		0.07		(0.06	)		0.07
Diluted		(0.03	)		0.06		(0.06	)		0.06

Fund Quest [Member]

Business Acquisition [Line Items]

Estimated fair values of assets acquired and liabilities assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date of December 13, 2011 as initially reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011:


	December 13, 2011			Consideration			December 13, 2011
	(As initially reported)			Adjustments			(As adjusted)
Accounts receivable	$	2,603		$	—		$	2,603
Prepaid expenses and other current assets		46			—			46
Property and equipment		442			—			442
Intangible assets		11,830			—			11,830
Goodwill		20,192			(889	)		19,303
Accounts payable and accrued liabilities		(1,364	)		—			(1,364	)
Deferred income taxes		(4,710	)		—			(4,710	)
Deferred revenue		(354	)		—			(354	)

Total assets acquired	$	28,685		$	(889	)	$	27,796

Prima Capital Holding, Inc. [Member]

Business Acquisition [Line Items]

Estimated fair values of assets acquired and liabilities assumed

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


Accounts receivable	$	72
Prepaid expenses and other current assets		36
Notes receivable		860
Property and equipment		103
Deferred income taxes - non current		1,129
Intangible assets		4,940
Goodwill		9,555
Accounts payable and accrued liabilities		(171	)
Deferred income tax liabilities		(1,869	)
Deferred revenue		(730	)

Total net assets acquired	$	13,925

Consideration transferred in acquisition

The consideration transferred in the acquisition was as follows:


Cash paid to owners	$	13,750
Cash assumed		(1,767	)
Cash paid for working capital settlement		1,942

	$	13,925

Summary of intangible assets acquired, estimated useful lives and amortization method

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


	Amount		Weighted Average Useful Life in Years		Amortization Method
Customer list	$	3,740		10	Accelerated
Proprietary technology		700		5	Accelerated
Trade names		500		5	Accelerated

Total	$	4,940

Tamarac, Inc. [Member]

Business Acquisition [Line Items]

Estimated fair values of assets acquired and liabilities assumed

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed at the date of acquisition:


Accounts receivable	$	489
Other receivables		681
Prepaid expenses and other current assets		216
Deferred income tax assets		7,235
Property and equipment		444
Deposits		379
Intangible assets		16,150
Goodwill		35,263
Accounts payable and accrued liabilities		(2,356	)
Deferred income tax liabilities		(6,143	)
Deferred revenue		(3,931	)

Total net assets acquired	$	48,427

Consideration transferred in acquisition

The consideration transferred in the acquisition was as follows:


Cash paid to owners	$	54,000
Non-cash consideration		101
Cash assumed		(2,533	)
Receivable from working capital settlement		(3,141	)

	$	48,427

Summary of intangible assets acquired, estimated useful lives and amortization method

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


	Amount		Weighted Average Useful Life in Years		Amortization Method
Customer list	$	8,680		12	Accelerated
Proprietary technology		5,880		8	Accelerated
Trade names		1,590		5	Accelerated

Total	$	16,150

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References + Details