Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 40

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 40
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 up to $7.5 million, with an estimated fair value of $4.5 million on the date of acquisition, and represents additional payments that Flywire may be required to make in the future which are dependent upon the successful achievement of certain targets related to revenue and cross-selling of the Invoiced software as well as milestones related to the Invoiced software product and security and IT integration. During the year ended December 31, 2024, the Company made a contingent consideration payment of $1.1 million based on Invoiced's successful and timely achievement of the contracted milestones.During the year ended December 31, 2024, the Company incurred $0.6 million in transaction costs, which are included in general and administrative expenses in the consolidated statements of operations and comprehensive loss.The table summarizes the allocation of the purchase consideration to the assets acquired and liabilities assumed (in thousands):

133

        Cash
         
        $
        1,418

        Prepaid expenses and other current assets

        219

        Other assets

        11

        Identifiable intangible assets

        26,100

        Goodwill

        31,818

        Total assets acquired

        59,566

        Deferred tax liabilities

        4,923

        Deferred revenue

        1,037

        Accounts payable and accrued expenses

        451

        Total liabilities assumed

        6,411

        Net assets acquired

        53,155

        Less: cash acquired

        1,418

        Net assets, less cash acquired
         
        $
        51,737

      Goodwill arising from the acquisition of $31.9 million was attributable to the assembled workforce of Invoiced and the synergies expected to arise from the acquisition. No goodwill from this acquisition will be deductible for income tax purposes.The following table reflects the fair values of the identified intangible assets of Invoiced and their respective weighted-average amortization periods.

        Fair Values

        Weighted-AverageAmortizationPeriods

        (in thousands)

        (years)

        Developed technology
         
        $
        7,100

        7

        Acquired relationships

        18,600

        11

        Trade name/Trademark

        400

        4

        $
        26,100

      The results of Invoiced have been included in the consolidated financial statements since the date of the acquisition. Invoiced contributed $2.