"Intangible assets" are assets that have significant value but no physical presence and provide long-term financial value to a company. The company's identifiable intangible assets are those that can be sold independently, separated from other assets, and valued. As well as non-cash government awards like broadcasting licenses or airport landing rights, intellectual property such as patents, trademarks, and copyrights are examples of recognized intangible assets. A trademark is a sign that can be used to separate one company's products or services from those of other businesses. Trademarks are protected under intellectual property laws. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
Paylocity’s gross value of intangible assets surged from $27.36 million in FY2021 to $68.56 million in FY2022, an increase of 150.5%. In FY2022, the company's net value of intangible assets was $45.47 million. The increase was due to acquisition of Blue Marble on August 31, 2021. As a result, the company acquired a proprietary technology intangible asset with an acquisition-date fair value of $21.2 million.
Proprietary technology and Trade names accounted for $6.12 million and $0.44 million respectively, based on the company's calculation of the fair value of identified intangible assets. The company's amortization expense for intangible assets was $14.34 million in FY2022.
During FY2022 Paylocity merged with Cloudsnap, Inc., for a cash consideration of $50,002, which was paid upon closing. Cloudsnap is a provider of a flexible, low-code solution for integrated disparate business applications.
The company’s Client relationships and non-solicitation agreements were $22.2 million and $1.6 million respectively.
Paylocity Holding Corp (Paylocity) is a provider of cloud-based solutions. It provides payroll and human capital management software solutions. The company offers products such as payroll, workforce management, human resource, talent, benefits, modern workforce, mobile, integration, and data insight. Paylocity also offers other services such as implementation and client services; expense management and tax and regulatory services and implementation and training services. It also provides recruiting, onboarding, performance management, compensation management, and learning management system (LMS) services. The company offers services to large, mid, and small-sized industries including healthcare, transportation, logistics, business services, retail, restaurants, financial services, technology, manufacturing, and others. Paylocity is headquartered in Schaumburg, Illinois, the US.
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