BUSINESS COMBINATION
 12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
BUSINESS COMBINATION

NOTE 7:-     BUSINESS COMBINATION

 
During the year ended December 31, 2021, the Company acquired 100% of the capital shares of three privately held companies for aggregate purchase consideration of $46,629 (subject to working capital adjustments), out of which an amount of $1,047 relates to a previous investment in one of the acquired companies through a convertible loan agreement (CLA). In addition to the purchase consideration, the Company entered into cash and equity compensation arrangements with certain founders and employees, which aggregately amounted to $19,167 and are subject to certain performance and employment conditions following the respective closing dates.
 
The following table summarizes the fair values of the aggregate assets acquired and liabilities assumed:
 
   
(in thousands)
  
       
Cash
  
$
 2,853  
Trade receivables
     378  
Prepaid expenses and other current assets
     124  
Intangible assets
     25,918  
Goodwill
     25,065  
         
Total Assets
  
$
 54,338  
         
Current liabilities
     3,698  
Deferred tax liability
     4,011  
         
Total Liabilities
  
$
 7,709  
         
Cash consideration paid
     45,582  
Fair value of previous investment
     1,047  
Total purchase consideration
  
$
 46,629  
 
The identified intangible assets acquired, which were valued using income-based approaches, primarily consist of developed technology, customer relations, and non-competition agreements, and have a total weighted-average useful life of 6.7 years.
 
Goodwill generated from the above business combinations is attributed to synergies between the Company's and the acquired businesses’ products and services, and is not deductible for income tax purposes.
 
Transaction costs incurred by the Company in connection with the acquisitions for the year ended December 31, 2021 were approximately $602 and included in operating expenses.