The following table sets out the assessment of the fair value of assets and liabilities acquired in the acquisition made by the Group during the period.

US$’000		Audited  Year ended  February 2021
ACQUISITIONS MADE IN FY21
Assets acquired
Non-current assets		233
Current assets		8 799
Non-current liabilities		(2 555)
Current liabilities		(12 679)
Net assets acquired		(6 202)
Intangible assets		7 626
Goodwill		9 495
Non-controlling interest recognised		(1 623)
Fair value of acquisitions		9 296
Purchase consideration
Cash		9 296
Total consideration		9 296
Cash outflow for acquisitions
Cash and cash equivalents acquired		(3 760)
Cash consideration paid		9 296
Fair value of acquisition		2 552
Allolio&Konrad debt paid to seller (included in current liabilities above)		6 744
Net cash outflow for acquisitions		5 536
RECONCILIATION OF GOODWILL
Opening balance*		241 369
Acquisitions		9 495
Translation		4 672
Closing balance*		255 536

*	The opening and closing balance of goodwill reflects the gross carrying amount of goodwill. There were no accumulated impairments carried forward.

Effective 1 April 2020, Analysys Mason acquired 100% of the shares in Allolio&Konrad for US$7.8 million. The consideration paid included US$6.7 million to settle debt of Allolio&Konrad with the seller. Allolio&Konrad is a consultancy based in Bonn, Germany with an extensive track record in the telecommunications industry and long-term client relationships with Europe’s leading telecom operators. The acquisition accounting has been finalised at the reporting date. Acquisition-related costs of US$0.3 million have been incurred.

Effective 4 November 2020, Logicalis Asia acquired 65% of the shares in iZeno Private Limited (“iZeno”) for a cash consideration of US$8.2 million. A specialist in Digital Transformation solutions based in Singapore, iZeno has additional operations in Malaysia, Indonesia and Thailand. Acquisition-related costs of US$0.2 million have been incurred.

As a result of these two acquisitions referred to above, goodwill and other intangible assets increased by US$9.5 million and US$7.6 million respectively. The fair value assessment of assets and liabilities acquired and the amounts recognised as goodwill and intangible assets have been finalised at year end. None of the goodwill recognised is expected to be deductible for income tax purposes. The revenue and EBITDA included from these acquisitions in FY21 were US$16.4 million and US$4.1 million respectively; profit after tax included from these acquisitions was US$2.2 million. Had the acquisition date been 1 March 2020, the revenue and EBITDA would have been approximately US$25.7 million and US$5.9 million respectively. Profit after tax for the full year would have been approximately US$3.5 million.