Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 278

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 278
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 price allocation is reflected in the consolidated balance sheet as of December 31, 2024 and purchase price allocation below.Pursuant to the terms of the business combination agreement, the Company acquired Invoiced for estimated total purchase consideration of approximately $53.2 million or $51.7 million, net of cash acquired, which consisted of (in thousands):

        Cash consideration, net of cash  acquired
         
        $
        47,229

        Estimated fair value of contingent consideration

        4,508

        Total purchase consideration, net of cash acquired
         
        $
        51,737

      The purchase consideration includes $2.0 million of acquisition holdback payments payable on the first and second anniversary dates of the acquisition.The business combination agreement provides for contingent consideration of 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