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Intangibles, net

12 Months Ended

Apr. 30, 2021

6. Intangibles, net

Intangibles are included in other assets on the balance sheet. The components of intangibles are as follows (in thousands):


	April 30,		April 30,
	2021		2020
Technology	$	46,850	$	14,950
Licenses		1,008		1,006
Customer relationships		68,073		873
In-process research and development		550		550
Non-compete agreements		320		320
Trademarks and tradenames		68		68
Other		3		3
Intangibles, gross		116,872		17,770
Less accumulated amortization		(10,604)		(4,133)
Intangibles, net	$	106,268	$	13,637

The Company tests identifiable intangible assets and goodwill for impairment in the fourth quarter of each fiscal year unless there are interim indicators that suggest that it is more likely than not that either the identifiable intangible assets or goodwill may be impaired. The weighted average amortization period at April 30, 2021 and 2020 was five years and four years, respectively. Amortization expense for the years ended April 30, 2021, 2020 and 2019 was $6,469,000, $2,822,000 and $357,000, respectively.

Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of Arcturus on February 19, 2021. Technology and customer relationship intangible assets were recognized in conjunction with the Company’s acquisition of ISG on February 23, 2021. Technology, in-process research and development, customer relationships, trademarks and tradenames, and non-compete agreements were recognized in conjunction with the Company’s acquisition of Pulse on June 10, 2019. Refer to Note 21 - Business Combinations for further details.

Estimated amortization expense for the next five years is as follows (in thousands):


	Year ending
	April 30,
2022	$	24,553
2023		24,409
2024		23,560
2025		16,513
2026		11,471
	$	100,506