| 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 |
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(in thousands) |
| Balance at December 31, 2019 |
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$ |
583,247 |
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$ |
296,603 |
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$ |
879,850 |
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| Private Technology company acquisition |
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— |
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|
7,019 |
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|
7,019 |
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| Private Cloud Technology company acquisition |
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10,932 |
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— |
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|
10,932 |
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| Private Financial Technology Design company acquisition |
|
9,241 |
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— |
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|
9,241 |
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| Foreign currency translation and other |
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(70) |
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|
(199) |
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|
(269) |
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| Balance at December 31, 2020 |
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603,350 |
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|
303,423 |
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|
906,773 |
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| Harvest Acquisition |
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18,526 |
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— |
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|
18,526 |
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| Foreign currency translation |
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— |
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(145) |
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|
(145) |
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| Balance at December 31, 2021 |
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$ |
621,876 |
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$ |
303,278 |
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$ |
925,154 |
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Intangible assets, net consisted of the following:
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December 31, 2021 |
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December 31, 2020 |
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Gross |
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Net |
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Gross |
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Net |
| |
|
|
Carrying |
|
Accumulated |
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Carrying |
|
Carrying |
|
Accumulated |
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Carrying |
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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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|
$ |
590,080 |
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$ |
(241,189) |
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|
$ |
348,891 |
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$ |
591,520 |
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$ |
(198,555) |
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$ |
392,965 |
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| Proprietary technologies |
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|
85,324 |
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|
(43,004) |
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|
42,320 |
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|
54,914 |
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|
(26,949) |
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|
27,965 |
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| Trade names |
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|
33,700 |
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|
(24,515) |
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|
9,185 |
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|
33,700 |
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(19,589) |
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|
14,111 |
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| Total intangible assets |
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$ |
709,104 |
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$ |
(308,708) |
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$ |
400,396 |
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$ |
680,134 |
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$ |
(245,093) |
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$ |
435,041 |
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During 2021 and 2020, the Company retired fully amortized intangible assets for the Envestnet Wealth Solutions segment with an historical cost of $5.0 million and $0.8 million, respectively, including proprietary technologies and customer lists. During 2021 the Company had no retirements of intangible assets for the Envestnet Data & Analytics segment. In 2020 the Company retired fully amortized proprietary technology intangible assets for the Envestnet Data & Analytics segment with an historical cost of $35.0 million.
Amortization expense was as follows:
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
| Amortization expense |
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$ |
68,587 |
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$ |
73,559 |
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$ |
68,452 |
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Future amortization expense of the Company's intangible assets as of December 31, 2021, is expected to be as follows:
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| Years ending December 31: |
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| 2022 |
$ |
66,186 |
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| 2023 |
51,791 |
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| 2024 |
45,013 |
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| 2025 |
41,736 |
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| 2026 |
33,894 |
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| Thereafter |
161,776 |
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| Total |
$ |
400,396 |
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