Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

In 2024, goodwill of $138.2 million and intangible assets of $39.9 million were recorded as a result of the Company's acquisition of Acqueon, Inc. (“Acqueon”). In 2023, goodwill of $62.0 million and intangible assets of $22.1 million were recorded as a result of the Company’s acquisition of Aceyus, Inc. (“Aceyus”). See Note 14 for further details. The following table summarizes the activity in the Company's goodwill and intangible asset balances during the years ended December 31, 2024 and 2023 (in thousands):


	Goodwill		Intangible Assets


Beginning of the period, January 1, 2023	$	165,420	$	28,192
Addition (Aceyus)	61,992		22,150
Amortization	—		(12,019)
End of the period, December 31, 2023	227,412		38,323
Addition (Acqueon)	138,181		39,900
Measurement period adjustment (Acqueon)	(14)		—
Measurement period adjustment (Aceyus)	(143)		—
Amortization	—		(12,591)
End of the period, December 31, 2024	$	365,436	$	65,632

During the fourth quarter of 2024, the Company completed its annual goodwill impairment test. Based on the Company’s assessment, it concluded that it is more likely than not that the fair values were more than their carrying values. Accordingly, there was no indication of impairment of goodwill, and further quantitative testing was not required. Subsequent to the 2024 annual impairment test, the Company believes there have been no significant events or circumstances negatively affecting the valuation of goodwill. As of December 31, 2024 and 2023, there was no impairment to the carrying value of the Company’s goodwill.

The components of intangible assets were as follows (in thousands):


	December 31, 2024							December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Amortization Period (Years)
Developed technology	$	105,714	$	(51,230)	$	54,484	6.0	$	75,314	$	(40,327)	$	34,987	5.2
Acquired workforce	470		(470)		—		0.0	470		(470)		—		0.0
Customer relationships	12,850		(2,681)		10,169		4.4	4,150		(1,252)		2,898		4.1
Trademarks	1,300		(321)		979		2.4	1,000		(562)		438		2.6
Total	$	120,334	$	(54,702)	$	65,632	5.7	$	80,934	$	(42,611)	$	38,323	5.1

Amortization expense related to intangible assets was $12.6 million, $12.0 million and $11.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

As of December 31, 2024, the expected future amortization expense for intangible assets was as follows (in thousands):


Period	Expected Future Amortization Expense
2025	$	14,467
2026	13,008
2027	8,612
2028	8,246
2029	7,328
Thereafter	13,971
Total	$	65,632

Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate an asset’s carrying value may not be recoverable. The Company concluded that there were no indicators of impairment of its intangible assets as of December 31, 2024 and 2023.