Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Intangible Assets

Goodwill was comprised of the following as of June 30, 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	(2,198)
Balance as of June 30, 2022	$	25,597

Intangible assets, net consisted of the following as of June 30, 2022 and December 31, 2021 (in thousands):


	As of
	June 30, 2022		December 31, 2021
Developed technology	$	6,696	$	7,271
Customer relationships - Non-Robotic Process Automation (“RPA”)	803		872
Customer relationships - RPA	240		261
Intangible assets, gross	7,739		8,404
Less: accumulated amortization	(1,899)		(1,260)
Intangible assets, net	$	5,840	$	7,144

Intangible amortization expense was $0.4 million and $0.8 million for the three and six months ended June 30, 2022, respectively. Intangible amortization expense was $0.1 million and $0.2 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, the weighted average remaining amortization periods for developed technology, non-RPA customer relationships, and RPA customer relationships were approximately 3.9 years, 8.8 years, and 7.5 years, respectively.

The projected annual amortization expense related to amortizable intangible assets as of June 30, 2022 is as follows (in thousands):


	Projected Amortization
2022 (excluding the six months ended June 30, 2022)	$	739
2023	1,429
2024	1,429
2025	1,137
2026	731
Thereafter	375
Total projected amortization expense	$	5,840