Quarterly report pursuant to Section 13 or 15(d)

Internally Developed Software, Net (Tables)

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Internally Developed Software, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Research and Development [Abstract]  
Schedule of Internally Developed Software, Net
Internally developed software, net consisted of the following:

    June 30, December 31,
  Estimated Useful Life 2024 2023
(in thousands)
Internally developed software 5 years $ 416,849  $ 405,078 
Less: accumulated amortization   (211,759) (180,365)
Internally developed software, net   $ 205,090  $ 224,713 

Due to a change in technology needs of the business, $12.9 million of net capitalized internally developed software costs, the majority of which was included within the Envestnet Wealth Solutions segment, was written off and included within depreciation and amortization expense in the condensed consolidated statements of operations during the three and six months ended June 30, 2024.