Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v2.4.0.6
Goodwill and Intangible Assets
6 Months Ended
Jun. 30, 2012
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
7. Goodwill and Intangible Assets

Changes in the carrying amount of the Company’s goodwill was as follows:

 

         

Balance at December 31, 2011

  $ 22,223  

FundQuest adjustment (note 3)

    (889
   

 

 

 

Balance at March 31, 2012

    21,334  

Prima acquisition (note 3)

    9,555  

Tamarac acquisition (note 3)

    35,263  
   

 

 

 

Balance at June 30, 2012

  $ 66,152  
   

 

 

 

Intangible assets consist of the following:

 

                                                     
        June 30, 2012     December 31, 2011  
   

Useful Life

  Gross
Carrying
Amount
    Accumulated
Amortization
    Net
Carrying
Amount
    Gross
Carrying
Amount
    Accumulated
Amortization
    Net
Carrying
Amount
 
               

Customer list

  4 -8 years   $ 28,103     $ (5,815     22,288     $ 15,683     $ (3,458   $ 12,225  

Proprietary technology

  5 - 8 years     6,580       (178     6,402       —         —         —    

Trade Names

  5 years     2,090       (68     2,022       —         —         —    
       

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total intangible assets

      $ 36,773     $ (6,061   $ 30,712     $ 15,683     $ (3,458   $ 12,225  
       

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amortization expense for intangible assets was as follows:

 

                                 
    Three Months Ended
June 30,
    Six Months Ended
June 30,
 
    2012     2011     2012     2011  
         

Amortization expense

  $ 1,624     $ 231     $ 2,603     $ 513