Annual report pursuant to Section 13 and 15(d)

Acquisitions

 v2.3.0.11
Acquisitions
12 Months Ended
Apr. 30, 2011
Acquisitions [Abstract]  
Acquisitions
13.   Acquisitions
 
Following is a summary of acquisitions the Company completed during the periods indicated (no acquisition completed in fiscal 2011):
 
                 
    Year Ended April 30, (1)  
    2010(2)     2009(3)  
    (In thousands)  
 
Assets acquired
  $ 14,055     $ 4,676  
Intangibles acquired
    6,835       2,115  
Liabilities acquired
    22,958       2,451  
                 
Net (liabilities) assets acquired
    (2,068 )     4,340  
Purchase price
    25,848       13,189  
                 
Goodwill
  $ 27,916     $ 8,849  
                 
Goodwill by segment:
               
Executive recruitment
  $ 27,916     $ 8,849  
Futurestep
           
                 
Goodwill
  $ 27,916     $ 8,849  
                 
Acquisition costs (included in purchase price)
  $     $ 535  
                 
 
 
(1) Certain employees who joined the Company through these acquisitions will be eligible to receive earn-out payments of up to $7.0 million over the next two years, if certain financial metrics are achieved during that period, of which $2.2 million is included in the Company’s consolidated balance sheet and the remaining balance will be recorded when the earn-out is earned. The Company also accrued an additional $3.0 million and $2.8 million related to prior year acquisitions in fiscal 2011 and 2010, respectively, of which $5.8 million was paid in fiscal 2011.
 
(2) On June 11, 2009, the Company acquired all of the outstanding share capital of WHM, to provide the Company with a larger executive recruitment presence in EMEA. WHM is engaged in providing executive recruitment and other related recruiting services in the United Kingdom, Dubai and France. Actual results of operations of WHM are included in the Company’s consolidated financial statements from June 11, 2009, the effective date of the acquisition.
 
On January 1, 2010, the Company acquired SENSA Solutions, Inc. (“SENSA”), a leading management consulting firm widely respected for its leadership and organizational development solutions utilized by U.S. federal agencies. This was a strategic acquisition to further access the governmental sector. Actual results of operations of SENSA are included in the Company’s consolidated financial statements from January 1, 2010, the effective date of the acquisition.
 
(3) On November 3, 2008, the Company acquired Lore International, Inc., a Delaware corporation (“Lore”). Actual results of operations of Lore are included in the Company’s consolidated financial statements from November 3, 2008, the effective date of the acquisition.