Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

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Intangible Assets, Net
 6 Months Ended
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net 
Intangible assets, net consisted of the following:

  June 30, 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  $ (306,457) $ 297,623  $ 604,080  $ (285,288) $ 318,792 
Proprietary technologies 109,057  (51,549) 57,508  113,224  (59,401) 53,823 
Trade names 15,700  (9,496) 6,204  15,700  (8,320) 7,380 
Total intangible assets $ 728,837  $ (367,502) $ 361,335  $ 733,004  $ (353,009) $ 379,995 
On April 1, 2022, the Company entered into a purchase agreement with a privately held company to acquire 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.

On May 19, 2023, the Company entered into a purchase agreement with this same privately held company to acquire technology solutions being developed by this privately held company for a purchase price of $7.0 million, including an advance of $2.0 million. In addition, the prior purchase agreements that were entered into with this privately held company in June 2021 and April 2022 were amended in May 2023 to remove the earn-out payment provisions.

During the six months ended June 30, 2023, the Company retired fully amortized proprietary technologies with a historical cost of $17.5 million.

Future amortization expense of the Company's intangible assets as of June 30, 2023, is expected to be as follows (in thousands):

Remainder of 2023 $ 30,136 
2024 55,968 
2025 52,573 
2026 45,048 
2027 36,283 
Thereafter 141,327 
Total $ 361,335