On November 8, 2019, the Company acquired all outstanding shares of dataxu, Inc., (“dataxu”) according to the terms and conditions of the Agreement and Plan of Merger, dated as of October 22, 2019 (the “Merger Agreement”). dataxu is a demand-side platform (“DSP”) that enables marketers to plan and buy video ad campaigns. The acquisition of dataxu’s platform complements the Company’s over-the-top (“OTT”) advertising platform and enables marketers to access a single, data-driven software solution to plan, buy, and optimize their ad spend across TV and OTT providers.

The total purchase consideration for dataxu was $147.3 million, which consisted of $77.6 million in cash and $69.7 million for the fair value of the Company’s 571,459 shares of Class A common stock. Pursuant to the Merger Agreement, the Company had deposited $18.8 million into an escrow account to secure certain indemnifications and other potential obligations. $3.3 million from the escrow account was released in the quarter ended March 31, 2020.

The allocation of the purchase consideration to tangible and intangible assets acquired and liabilities assumed is based on estimated fair values and is as follows (in thousands):

	As of September 30, 2020			Estimated Useful Lives (in years)
Assets acquired
Current assets	$	50,829
Restricted cash		1,303
Property and equipment, net		4,503
Intangible assets:
Developed technology		56,400			6.0
Customer relationships		13,400			4.0
Tradename	400				0.5
Goodwill		71,676
Operating lease right-of-use assets		24,658
Other long-term assets		235
Total assets acquired	$	223,404
Liabilities assumed
Current liabilities	$	(51,428	)
Operating lease liabilities		(24,658	)
Total liabilities assumed	$	(76,086	)
Total purchase consideration	$	147,318

The fair value estimates of the net assets acquired are based upon preliminary calculations and valuations, and those estimates and assumptions regarding certain tangible assets acquired and liabilities assumed, the valuation of intangible assets

acquired, income taxes, and goodwill are subject to change as the Company obtains additional information during the measurement period, which usually lasts for up to one year from the acquisition date. The excess of the total consideration over the tangible assets, identifiable intangible assets, and assumed liabilities is recorded as goodwill.