Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets, Net

v3.20.4
Goodwill and Intangible Assets, Net
12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
 
Changes in the carrying amount of goodwill were as follows:
  Envestnet
Wealth Solutions
Envestnet
Data & Analytics
Total
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 
Private Technology company acquisition —  7,019  7,019 
Private Cloud Technology company acquisition 10,932  —  10,932 
Private Financial Technology Design company acquisition 9,241  —  9,241 
Foreign currency and other (70) (199) (269)
Balance at December 31, 2020 $ 603,350  $ 303,423  $ 906,773 
 
Intangible assets, net consisted of the following:
  December 31, 2020 December 31, 2019
  Gross   Net Gross   Net
  Carrying Accumulated Carrying Carrying Accumulated Carrying
  Amount Amortization Amount Amount Amortization Amount
Customer lists $ 591,520  $ (198,555) $ 392,965  $ 591,520  $ (148,517) $ 443,003 
Proprietary technologies 54,914  (26,949) 27,965  87,714  (44,165) 43,549 
Trade names 33,700  (19,589) 14,111  33,700  (14,663) 19,037 
Total intangible assets $ 680,134  $ (245,093) $ 435,041  $ 712,934  $ (207,345) $ 505,589 
 
During 2020 and 2019, the Company retired fully amortized intangible assets for the Envestnet Wealth Solutions segment with a historical cost of $800 and $11,520, respectively, including proprietary technologies and trade names. During 2020 and 2019, the Company retired fully amortized intangible assets for the Envestnet Data & Analytics segment with a historical cost of $35,000 and $11,100, respectively, including proprietary technology, trade names and backlog.
 
Amortization expense was as follows:
  Year Ended December 31,
  2020 2019 2018
Amortization expense $ 73,559  $ 68,452  $ 53,856 
 
Future amortization expense of the Company's intangible assets as of December 31, 2020, is expected to be as follows:
Years ending December 31:  
2021 $ 63,645 
2022 59,900 
2023 45,551 
2024 38,751 
2025 35,485 
Thereafter 191,709 
Total $ 435,041