"On December 26, 2013, we acquired the SmartID division of OTI, including all contracts, software, other related technologies and IP assets. We paid OTI $8.8 million ($10 million less certain closing adjustments) at the closing and agreed to make contingent payments of up to $12.5 million pursuant to an earn-out mechanism based on certain performance and other milestones. In April 2016, we had further negotiations with OTI, and entered into an agreement with OTI. Under this agreement, the remaining earn-out amount was reduced to a maximum of $3.55 million, out of which an amount of $2.05 million was paid at the beginning of May 2016."
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