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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

Goodwill was comprised of the following as of March 31, 2022 and December 31, 2021 (in thousands):


	Carrying Amount
Balance as of December 31, 2020	$	4,862
Goodwill acquired	24,521
Foreign currency translation adjustments	(1,588)
Balance as of December 31, 2021	27,795
Goodwill acquired	—
Foreign currency translation adjustments	(524)
Balance as of March 31, 2022	$	27,271

Intangible assets, net consisted of the following as of March 31, 2022 and December 31, 2021 (in thousands):


	As of
	March 31, 2022		December 31, 2021
Developed technology	$	7,133	$	7,271
Customer relationships - Non-Robotic Process Automation (“RPA”)	856		872
Customer relationships - RPA	256		261
Intangible assets, gross	8,245		8,404
Less: accumulated amortization	(1,630)		(1,260)
Intangible assets, net	$	6,615	$	7,144

Intangible amortization expense was $0.4 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the weighted average remaining amortization periods for developed technology, non-RPA customer relationships, and RPA customer relationships were approximately 4.2 years, 8.9 years, and 7.8 years, respectively.

The projected annual amortization expense related to amortizable intangible assets as of March 31, 2022 is as follows (in thousands):


	Projected Amortization
2022 (excluding the three months ended March 31, 2022)	$	1,181
2023	1,522
2024	1,522
2025	1,211
2026	779
Thereafter	400
Total projected amortization expense	$	6,615