Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Note 7. Goodwill and Intangible Assets

The change in the carrying amount of goodwill was as follows (in thousands):


Goodwill as of December 31, 2020	$	3,700
Goodwill from NimbeLink acquisition		7,145
Goodwill as of September 30, 2021	$	10,845

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


	September 30, 2021							December 31, 2020
	Weighted average amortization period (in years)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Market related intangibles	5	$	1,820	$	370	$	1,450	$	120	$	120	$	—
Customer relationships	7		13,780		3,879		9,901		4,830		2,203		2,627
Developed technologies	11		4,380		819		3,561		1,080		539		541
Covenants to non-compete	2		115		42		73		—		—		—
Total intangible assets, net		$	20,095	$	5,110	$	14,985	$	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 three months)	$	756
2022		3,026
2023		2,969
2024		2,968
2025		2,958
Thereafter		2,308
Total	$	14,985

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 $0.8 million and $0.2 million for the three months ended September 30, 2021 and 2020, respectively and $2.2 million and $0.5 million for the nine months ended September 30, 2021 and 2020, respectively.