During the nine months ended September 30, 2020, we completed an acquisition with the purchase price in cash and stock. The acquisition was accounted for as a business combination in accordance with ASC 805, Business Combinations. The purchase price was allocated to intangible assets in the amount of $1.5 million and goodwill in the amount of $7.8 million based on the respective estimated fair values. The resulting goodwill is not deductible for income tax purposes.

September 30, 2020

Gross

Carrying

Amount

Accumulated

Amortization

Net

Carrying

Amount

Amortization

Period

Developed technology

3,291

(964

)

2,327

2-3 years

December 31, 2019

Gross

Carrying

Amount

Accumulated

Amortization

Net

Carrying

Amount

Amortization

Period

Developed technology

3,046

(1,611

)

1,435

2-3 years

Intangible amortization expense was approximately $0.3 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $0.7 million and $0.5 million for the nine months ended September 30, 2020 and 2019, respectively. Amortization of developed technology is included in cost of revenue on the Company’s condensed consolidated statement of operations.

As of September 30, 2020, future amortization expense by year is expected to be as follows (in thousands):

	Amount
Remainder of 2020	$	273
2021		1,027
2022		774
2023	253
Total	$	2,327

	Amount
Balance as of December 31, 2019	$	9,058
Foreign currency translation adjustments		339
2020 acquisition		7,814
Balance as of September 30, 2020	$	17,211