Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

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Intangible Assets, Net
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net 
Intangible assets, net consisted of the following:
  March 31, 2023 December 31, 2022
  Gross   Net Gross   Net
  Carrying Accumulated Carrying Carrying Accumulated Carrying
  Amount Amortization Amount Amount Amortization Amount
(in thousands)
Customer lists $ 604,080  $ (295,976) $ 308,104  $ 604,080  $ (285,288) $ 318,792 
Proprietary technologies 109,057  (46,894) 62,163  113,224  (59,401) 53,823 
Trade names 15,700  (8,912) 6,788  15,700  (8,320) 7,380 
Total intangible assets $ 728,837  $ (351,782) $ 377,055  $ 733,004  $ (353,009) $ 379,995 

On April 1, 2022, the Company entered into a purchase agreement with a privately held company to acquire the technology solutions being developed by this privately held company for a purchase price of $9.0 million, including an advance of $4.0 million. The purchase agreement was amended in January 2023 to include additional functionality and features for additional consideration of $5.0 million. The Company closed the transaction and paid the remaining $10.0 million during the three months ended March 31, 2023. This proprietary technology asset has been integrated into the Envestnet Data & Analytics segment and is being amortized over an estimated useful life of five years.

During the three months ended March 31, 2023, the Company retired fully amortized proprietary technologies with a historical cost of $17.5 million. During the three months ended March 31, 2022, the Company had no material retirements of intangible assets.
Future amortization expense of the Company's intangible assets as of March 31, 2023, is expected to be as follows (in thousands):
Remainder of 2023 $ 45,947 
2024 56,040 
2025 52,700 
2026 44,797 
2027 36,232 
Thereafter 141,339 
Total $ 377,055