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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
5. Goodwill and Intangible Assets

Goodwill was comprised of the following as of March 31, 2023 and December 31, 2022 (in thousands):

Carrying Amount
Balance as of December 31, 2021
$27,795 
Foreign currency translation adjustments(1,446)
Balance as of December 31, 2022
26,349 
Foreign currency translation adjustments362 
Balance as of March 31, 2023
$26,711 

Intangible assets, net consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands):

As of
March 31, 2023December 31, 2022
Developed technology$6,987 $6,893 
Customer relationships - Non-Robotic Process Automation (“RPA”)838 827 
Customer relationships - RPA250 246 
Intangible assets, gross8,075 7,966 
Less: accumulated amortization(3,125)(2,715)
Intangible assets, net$4,950 $5,251 

Intangible amortization expense was $0.4 million for each of the three months ended March 31, 2023 and 2022. As of March 31, 2023, the weighted average remaining amortization periods for developed technology, non-RPA customer relationships, and RPA customer relationships were approximately 3.2 years, 8.4 years, and 6.8 years, respectively.

The following table shows the projected annual amortization expense related to amortizable intangible assets as of March 31, 2023:

Projected Amortization
2023 (excluding the three months ended March 31, 2023)
$1,118 
20241,491 
20251,186 
2026763 
202794 
Thereafter298 
Total projected amortization expense$4,950