Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Note 7. Goodwill and Intangible Assets

The change in the carrying amount of goodwill during the three months ended March 31, 2021 is as follows (in thousands):


Goodwill as of December 31, 2020	$	3,700
Goodwill from NimbeLink acquisition		7,145
Goodwill as of March 31, 2021	$	10,845

The following is a summary of the Company’s acquired intangible assets (dollars in thousands):


	Weighted average amortization period (years)	Gross carrying amount		Accumulated amortization		Intangibles, net
March 31, 2021
Market related intangibles	5	$	1,700	$	80	$	1,620
Customer relationships	7		13,780		2,743		11,037
Developed technologies	11		3,680		622		3,058
In process research and development	N/A		700		—		700
Covenants to non-compete	2		115		13		102
Tradenames	4		120		120		—
Total intangible assets, net		$	20,095	$	3,578	$	16,517

December 31, 2020
Customer relationships	10	$	4,830	$	2,203	$	2,627
Developed technologies	9		1,080		539		541
Tradename	3		120		120		—
Total intangible assets, net		$	6,030	$	2,862	$	3,168

The estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands):


	Estimated future amortization
2021 (remaining nine months)	$	2,286
2022		3,026
2023		2,969
2024		2,968
2025		2,955
Thereafter		2,313
Total	$	16,517

Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors. Amortization expense was $0.7 million and $0.2 million for the three months ended March 31, 2021 and 2020, respectively.