| Goodwill and Intangible Assets, Net |
Goodwill and Intangible Assets, Net
Changes in the carrying amount of goodwill were as follows:
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Envestnet Wealth Solutions |
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Envestnet Data & Analytics |
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Total |
Balance at December 31, 2018 |
|
$ |
243,809 |
|
|
$ |
275,293 |
|
|
$ |
519,102 |
|
Private company acquisition |
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— |
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|
21,448 |
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|
21,448 |
|
PortfolioCenter acquisition |
|
14,987 |
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|
— |
|
|
14,987 |
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PIEtech acquisition |
|
352,679 |
|
|
— |
|
|
352,679 |
|
Foreign currency and other |
|
(100 |
) |
|
(121 |
) |
|
(221 |
) |
Balance at September 30, 2019 |
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$ |
611,375 |
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|
$ |
296,620 |
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|
$ |
907,995 |
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Intangible assets, net consist of the following:
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September 30, 2019 |
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December 31, 2018 |
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Gross |
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Net |
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Gross |
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Net |
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Estimated |
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Carrying |
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Accumulated |
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Carrying |
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Carrying |
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Accumulated |
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Carrying |
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Useful Life |
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Amount |
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Amortization |
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Amount |
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Amount |
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Amortization |
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Amount |
Customer lists |
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7-16 years |
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$ |
551,120 |
|
|
$ |
(134,918 |
) |
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$ |
416,202 |
|
|
$ |
361,020 |
|
|
$ |
(102,077 |
) |
|
$ |
258,943 |
|
Proprietary technologies |
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4-8 years |
|
95,694 |
|
|
(44,968 |
) |
|
50,726 |
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|
66,746 |
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(36,151 |
) |
|
30,595 |
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Trade names |
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2-7 years |
|
38,390 |
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(15,412 |
) |
|
22,978 |
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|
27,990 |
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(12,352 |
) |
|
15,638 |
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Backlog |
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4 years |
|
11,000 |
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(10,988 |
) |
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12 |
|
|
11,000 |
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|
(10,935 |
) |
|
65 |
|
Total intangible assets |
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$ |
696,204 |
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|
$ |
(206,286 |
) |
|
$ |
489,918 |
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|
$ |
466,756 |
|
|
$ |
(161,515 |
) |
|
$ |
305,241 |
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During the three and nine months ended September 30, 2019, the Company retired fully amortized intangible assets for the Envestnet Wealth Solutions segment with a historical cost of $1,100 and $4,050, respectively.
Amortization expense was as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Amortization expense |
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$ |
19,242 |
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$ |
13,477 |
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$ |
48,824 |
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$ |
40,831 |
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Future amortization expense of the intangible assets as of September 30, 2019, is expected to be as follows:
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Years ending December 31, |
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Remainder of 2019 |
$ |
18,951 |
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2020 |
71,817 |
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2021 |
61,849 |
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2022 |
58,150 |
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2023 |
47,660 |
|
Thereafter |
231,491 |
|
Total |
$ |
489,918 |
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