Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

v2.4.0.6
Goodwill and Intangible Assets
12 Months Ended
Dec. 31, 2012
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets
6. Goodwill and Intangible Assets

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

 

         

Balance at December 31, 2010

      $         2,031  

FundQuest acquisition

    19,303  
   

 

 

 

Balance at December 31, 2011

    21,334  

Prima acquisition

    9,283  

Tamarac acquisition

    35,027  
   

 

 

 

Balance at December 31, 2012

    $ 65,644  
   

 

 

 

Intangible assets consist of the following:

 

                                                     
        December 31, 2012     December 31, 2011  
    Useful Life   Gross
Carrying
Amount
    Accumulated
Amortization
    Net
Carrying
Amount
    Gross
Carrying
Amount
    Accumulated
Amortization
    Net
Carrying
Amount
 

Customer lists

  4 - 12 years     $     28,103       $     (8,720)       $     19,383       $     15,683       $     (3,458)       $     12,225  

Proprietary technologies

  5 - 8 years     6,580       (657)       5,923       -           -           -      

Trade names

  5 years     2,090       (246)       1,844       -           -           -      
       

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total intangible assets

        $     36,773       $     (9,623)       $     27,150       $     15,683       $     (3,458)       $     12,225  
       

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amortization expense was as follows:

 

                         
    Year ended December 31,  
            2012                     2011                     2010          

Amortization expense

    $         6,165       $         935       $         1,117  
   

 

 

   

 

 

   

 

 

 

Future amortization expense of the intangible assets as of December 31, 2012, is expected to be as follows:

 

         

Years ending December 31:

       

2013

    $ 6,222  

2014

    5,399  

2015

    4,582  

2016

    3,787  

2017

    2,687  

Thereafter

    4,473  
   

 

 

 
      $       27,150