| Summary of Net Assets Acquired |
The following table provides a summary of the net assets acquired in the periods indicated (no acquisitions were completed in fiscal 2021):
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Year Ended
April 30
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2022 (2), (3)
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2020 (4)
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(in thousands)
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Current assets (1)
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$
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36,071
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$
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44,475
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Long-term assets
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9,351
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15,024
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Intangibles assets
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17,300
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45,400
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Current liabilities
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17,672
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29,503
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Long-term liabilities
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16,210
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5,720
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Net assets acquired
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28,840
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69,676
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Purchase price
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133,802
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108,602
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Goodwill
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$
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104,962
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$
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38,926
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(1)
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Included in current assets is acquired receivables in the amount of $24.5 million and $41.1 million for acquisitions completed in fiscal 2022 and 2020, respectively.
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(2)
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On April 1, 2022, the Company completed its acquisition of Patina Solutions Group for $42.9 million, net of cash acquired. We believe Patina Solutions Group brings to the Company substantial interim executive solutions expertise across multiple industry verticals as well as offers ideal solutions for today’s nomadic labor market. Patina’s vast network of C-suite, top-tier, and professional interim talent spans functional area of expertise such as finance, operations, legal, human resources, IT and more. This combination presents real, tangible opportunity for Korn Ferry and our clients looking for the right talent, who are highly agile, with specialized skills and expertise, to help them drive superior performance, including on an interim basis. Actual results of operation of Patina Solution Group are included in the Company’s consolidated financial statement from April 1, 2022, the effective date of the acquisition.
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(3)
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On November 1, 2021, the Company completed its acquisition of Lucas Group for $90.9 million, net of cash acquired. Lucas Group has contributed a substantial professional search and interim expertise that has enhanced the Company’s search portfolio. The addition of Lucas Group to Korn Ferry’s broader talent acquisition portfolio – spanning Executive Search, RPO, and Professional Search – has accelerated Korn Ferry’s ability to capture additional share of this significant market. Lucas Group is included in the RPO & Professional Search segment. Actual results of operations of Lucas Group are included in the Company’s consolidated financial statements from November 1, 2021, the effective date of the acquisition.
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(4)
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On November 1, 2019, the Company completed its acquisition of the Acquired Companies for $108.6 million, net of cash acquired. The Acquired Companies contributed a world-class portfolio of learning, development and performance improvement offerings and expertise to Korn Ferry and bolster the Company’s substantial leadership development capabilities. These companies are included in the Digital segment. The addition of the Acquired Companies further expanded Korn Ferry’s vast IP and content and leveraged the firm’s digital delivery platforms. Actual results of operations of the Acquired Companies are included in the Company’s consolidated financial statements from November 1, 2019, the effective date of the acquisition. During fiscal 2021, the Company finalized the purchase price allocation by recording an increase in goodwill of $2.6 million as a result of additional tax liabilities.
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