Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.19.3.a.u2
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of changes in the carrying amount of goodwill by segment
 
Changes in the carrying amount of goodwill were as follows:

 
 
Envestnet Wealth Solutions
 
Envestnet Data & Analytics
 
Total
Balance at December 31, 2017
 
$
163,751

 
$
269,204

 
$
432,955

FolioDynamix acquisition
 
79,891

 
—

 
79,891

Private technology company acquisition
 
—

 
6,885

 
6,885

Foreign currency and other
 
167

 
(796
)
 
(629
)
Balance at December 31, 2018
 
243,809

 
275,293

 
519,102

Private AI company acquisition
 
—

 
21,507

 
21,507

PortfolioCenter acquisition
 
15,587

 
—

 
15,587

PIEtech acquisition
 
323,951

 
—

 
323,951

Foreign currency and other
 
(100
)
 
(197
)
 
(297
)
Balance at December 31, 2019
 
$
583,247

 
$
296,603

 
$
879,850


Schedule of components of intangible assets, net
Intangible assets, net consisted of the following:

 
 
 
December 31, 2019
 
December 31, 2018
 
 
 
Gross
 
 
 
Net
 
Gross
 
 
 
Net
 
Estimated
 
Carrying
 
Accumulated
 
Carrying
 
Carrying
 
Accumulated
 
Carrying
 
Useful Life
 
Amount
 
Amortization
 
Amount
 
Amount
 
Amortization
 
Amount
Customer lists
7-20 years
 
$
591,520

 
$
(148,517
)
 
$
443,003

 
$
361,020

 
$
(102,077
)
 
$
258,943

Proprietary technologies
4-6 years
 
87,714

 
(44,165
)
 
43,549

 
66,746

 
(36,151
)
 
30,595

Trade names
6-7 years
 
33,700

 
(14,663
)
 
19,037

 
27,990

 
(12,352
)
 
15,638

Backlog
N/A
 
—

 
—

 
—

 
11,000

 
(10,935
)
 
65

Total intangible assets
 
$
712,934

 
$
(207,345
)
 
$
505,589

 
$
466,756

 
$
(161,515
)
 
$
305,241


Schedule of amortization expense
Amortization expense was as follows:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Amortization expense
 
$
68,452

 
$
53,856

 
$
42,127


Schedule of future amortization expense of the intangible assets
Future amortization expense of the intangible assets as of December 31, 2019, is expected to be as follows:

Years ending December 31:
 

2020
$
72,918

2021
62,895

2022
59,150

2023
44,801

2024
38,631

Thereafter
227,194

Total
$
505,589