Quarterly report pursuant to Section 13 or 15(d)

Intangible Assets, Net

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Intangible Assets, Net
 9 Months Ended
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net 
Intangible assets, net consisted of the following:

  September 30, 2023 December 31, 2022
  Gross   Net Gross   Net
  Carrying Accumulated Carrying Carrying Accumulated Carrying
  Amount Amortization Amount Amount Amortization Amount
(in thousands)
Customer lists $ 604,080  $ (316,805) $ 287,275  $ 604,080  $ (285,288) $ 318,792 
Proprietary technologies 86,057  (32,735) 53,322  113,224  (59,401) 53,823 
Trade names 15,700  (10,086) 5,614  15,700  (8,320) 7,380 
Total intangible assets $ 705,837  $ (359,626) $ 346,211  $ 733,004  $ (353,009) $ 379,995 

On April 1, 2022, the Company entered into a purchase agreement with a privately held company to acquire technology solutions being developed by this privately held company for a purchase price of $9.0 million, including an advance of $4.0 million. The purchase agreement was amended in January 2023 to include additional functionality and features for additional consideration of $5.0 million. The Company closed the transaction and paid the remaining $10.0 million during the three months ended March 31, 2023. 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.

On May 19, 2023, the Company entered into a purchase agreement with this same privately held company to acquire technology solutions being developed by this privately held company for a purchase price of $7.0 million, including an advance of $2.0 million. In addition, the prior purchase agreements that were entered into with this privately held company in June 2021 and April 2022 were amended in May 2023 to remove the earn-out payment provisions.

During the nine months ended September 30, 2023, the Company retired fully amortized proprietary technologies with a historical cost of $40.5 million.
Future amortization expense of the Company's intangible assets as of September 30, 2023, is expected to be as follows (in thousands):

Remainder of 2023 $ 15,012 
2024 55,968 
2025 52,573 
2026 45,048 
2027 36,283 
Thereafter 141,327 
Total $ 346,211