Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

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Intangible Assets, Net
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net 
Procurement of Technology Solutions

On June 21, 2021, the Company entered into a purchase agreement with a privately held company to acquire the technology solutions being developed by this privately held company for a purchase price of $18.0 million, including an advance of $3.0 million. The Company closed the transaction and paid the remaining $15.0 million in February 2022. 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. In addition, the agreement includes an earn-out payment of $10.0 million based upon the achievement of certain target metrics within five years after the date of the Company’s launch of the technology solutions. The parties have agreed to renegotiate the terms of the earn-out payment.

Intangible assets, net consisted of the following:
  March 31, 2022 December 31, 2021
  Gross   Net Gross   Net
  Carrying Accumulated Carrying Carrying Accumulated Carrying
  Amount Amortization Amount Amount Amortization Amount
(in thousands)
Customer lists $ 590,080  $ (252,313) $ 337,767  $ 590,080  $ (241,189) $ 348,891 
Proprietary technologies 103,324  (48,168) 55,156  85,324  (43,004) 42,320 
Trade names 33,700  (25,747) 7,953  33,700  (24,515) 9,185 
Total intangible assets $ 727,104  $ (326,228) $ 400,876  $ 709,104  $ (308,708) $ 400,396 

There were no material retirements of intangible assets during the three months ended March 31, 2022 and 2021.
Amortization expense was as follows:
  Three Months Ended
  March 31,
  2022 2021
(in thousands)
Amortization expense $ 17,520  $ 16,478