Goodwill and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

3.	Goodwill and Other Intangible Assets, Net

Goodwill related to our June 15, 2015 acquisition of Hudson Global Resources Management’s U.S. IT staffing business (“Hudson IT”) totaled $8.4 million. Goodwill related to our July 13, 2017 acquisition of the services division of InfoTrellis totaled $27.4 million. During 2018, the Company recorded a goodwill impairment related to the InfoTrellis acquisition of $9.7 million. Goodwill related to our October 1, 2020 acquisition of AmberLeaf totaled $6.4 million.

The Company is amortizing the identifiable intangible assets on a straight-line basis over estimated average lives ranging from 3 to 12 years. Identifiable intangible assets were comprised of the following as of March 31, 2023, and December 31, 2022:


	As of March 31, 2023
(Amounts in thousands)	Amortization Period (In Years)		Gross Carrying Value		Accumulative Amortization		Net Carrying Value
IT Staffing Services:
Client relationships		12	$	7,999	$	5,194	$	2,805
Covenant-not-to-compete		5		319		319		—
Trade name		3		249		249		—
Data and Analytics Services:
Client relationships		12		19,641		8,548		11,093
Covenant-not-to-compete		5		1,201		981		220
Trade name		5		1,711		1,466		245
Technology		7		1,979		1,262		717

Total Intangible Assets			$	33,099	$	18,019	$	15,080


	As of December 31, 2022
(Amounts in thousands)	Amortization Period (In Years)		Gross Carrying Value		Accumulative Amortization		Net Carrying Value
IT Staffing Services:
Client relationships		12	$	7,999	$	5,027	$	2,972
Covenant-not-to-compete		5		319		319		—
Trade name		3		249		249		—
Data and Analytics Services:
Client relationships		12		19,641		8,140		11,501
Covenant-not-to-compete		5		1,201		959		242
Trade name		5		1,711		1,441		270
Technology		7		1,979		1,191		788

Total Intangible Assets			$	33,099	$	17,326	$	15,773

Amortization expense for the three months ended March 31, 2023 and 2022 totaled $693,000 and $792,000, respectively, and is included in selling, general and administrative expenses in the Condensed Consolidated Statement of Operations.

The estimated aggregate amortization expense for intangible assets for the years ending December 31, 2023 through 2027 is as follows:


	Years Ended December 31,
	2023		2024		2025		2026		2027

	(Amounts in thousands)
Amortization expense	$	2,772	$	2,693	$	2,553	$	2,413	$	2,025