Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets, Net

v3.19.2
Goodwill and Intangible Assets, Net
6 Months Ended
Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net
Goodwill and Intangible Assets, Net
 
Changes in the carrying amount of goodwill were as follows:
 
 
Envestnet Wealth Solutions
 
Envestnet Data & Analytics
 
Total
Balance at December 31, 2018
 
$
243,809

 
$
275,293

 
$
519,102

Private company acquisition
 

 
21,448

 
21,448

PortfolioCenter acquisition
 
14,987

 

 
14,987

PIEtech acquisition
 
353,085

 

 
353,085

Foreign currency
 

 
90

 
90

Other
 
(26
)
 

 
(26
)
Balance at June 30, 2019
 
$
611,855

 
$
296,831

 
$
908,686



Intangible assets, net consist of the following:
 
 
 
 
June 30, 2019
 
December 31, 2018
 
 
 
 
Gross
 
 
 
Net
 
Gross
 
 
 
Net
 
 
Estimated
 
Carrying
 
Accumulated
 
Carrying
 
Carrying
 
Accumulated
 
Carrying
 
 
Useful Life
 
Amount
 
Amortization
 
Amount
 
Amount
 
Amortization
 
Amount
Customer lists
 
7-16 years
 
$
551,120

 
$
(121,836
)
 
$
429,284

 
$
361,020

 
$
(102,077
)
 
$
258,943

Proprietary technologies
 
4-8 years
 
96,694

 
(41,311
)
 
55,383

 
66,746

 
(36,151
)
 
30,595

Trade names
 
2-7 years
 
38,490

 
(14,027
)
 
24,463

 
27,990

 
(12,352
)
 
15,638

Backlog
 
8 years
 
11,000

 
(10,971
)
 
29

 
11,000

 
(10,935
)
 
65

Total intangible assets
 
$
697,304

 
$
(188,145
)
 
$
509,159

 
$
466,756

 
$
(161,515
)
 
$
305,241



Amortization expense was as follows:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
 
 
2019
 
2018
 
2019
 
2018
Amortization expense
 
$
17,054

 
$
13,419

 
$
29,582

 
$
27,354


 
Future amortization expense of the intangible assets as of June 30, 2019, is expected to be as follows:
Years ending December 31,
 

Remainder of 2019
$
37,887

2020
71,524

2021
61,555

2022
57,857

2023
46,748

Thereafter
233,588

Total
$
509,159