Quarterly report pursuant to Section 13 or 15(d)

Business Acquisitions and Related Transactions

v2.4.0.8
Business Acquisitions and Related Transactions
 9 Months Ended
Sep. 30, 2014
Business Combinations [Abstract]  
Business Acquisitions and Related Transactions
BUSINESS ACQUISITIONS AND RELATED TRANSACTIONS
The Company accounts for acquisitions in accordance with ASC 805, Business Combinations. The purchase price for each has been allocated to the assets based on their estimated fair values at the date of each acquisition. The excess purchase price over the estimated fair value of the net assets acquired has been recorded as goodwill. Intangible assets identified have been recorded and are being amortized over periods ranging from one to fifteen years. See Note 4 for additional information. The unaudited pro forma results of operations for the current and prior periods are not presented due to the insignificant impact of the 2014 acquisitions on the Company’s consolidated results of operations.
In August 2014, the Company acquired the energy consultancy and energy project management business of Energyexcel LLP (“EEX”), an independent energy services provider located in Central London, UK. The Company paid $9,054 to acquire substantially all of the assets of EEX. The purchase price is subject to post-closing adjustments for working capital and for certain indemnity obligations of the seller and its owners. The Company deposited approximately $834 of the initial cash payment with a third-party escrow agent as security for these matters.
A summary of the consideration paid and the preliminary allocation of the purchase price paid for EEX is as follows:
 
Acquisition Purchase Price Allocation
Accounts receivable
$
1,432

Costs and estimated earnings in excess of billings
186

Prepaid expenses and other current assets
156

Property and equipment
123

Goodwill
5,154

Intangible assets
4,830

Accounts payable
(1,064
)
Accrued liabilities
(1,103
)
Billings in excess of cost and estimated earnings
(648
)
Deferred taxes and other liabilities
(12
)
Purchase price
$
9,054


The allocation of the purchase price for current year acquisitions are preliminary, based on management’s current best estimates and subject to revision.