MAXIMUS INC
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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Jun 30, 2024 · Filed Aug 8, 2024
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7. Acquisitions and Divestitures
- ACQUISITIONS AND DIVESTITURES
On February 14, 2024, we acquired part of a vendor who has performed IT services for us over several years for a cash consideration of $18.0 million. Almost all of the consideration was allocated directly to the most significant asset, the acquired workforce. The value of this asset will be amortized over eight years. This asset is anticipated to provide support across allthree of our operating segments.
We have sold a number of components of our Outside the U.S. Segment:
In November 2023, we sold our businesses in Italy and Singapore, as well as our employment services business in Canada, recording a loss on sale of $1.0 million. During the fourth quarter of fiscal year 2023, we recorded an impairment charge of $2.9 million related to these assets.
In March 2023, we sold our commercial practice in the United Kingdom, resulting in a pre-tax loss of $0.6 million. The cash consideration had a fair value of $16 million, to be received in installments. At June 30, 2024, we have installments remaining of $5.5 million.
In March 2023, we sold our Swedish subsidiary for cash consideration of $0.4 million, resulting in a small loss.
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