Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Identified Intangible Assets

v3.5.0.2
Goodwill and Identified Intangible Assets
6 Months Ended
Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Identified Intangible Assets
Goodwill and Identified Intangible Assets
Changes in the carrying amount of goodwill during the six months ended June 30, 2016 were as follows, in thousands:
Balance as of December 31, 2015
$
220,097

Goodwill acquired
41,662

Other
9

Balance as of June 30, 2016
$
261,768


Identified intangible assets consisted of the following at June 30, 2016 and December 31, 2015:
 
Weighted Average Amortization Period
(in years)
 
June 30, 2016
 
December 31, 2015
 
 
Carrying
Amount
 
Accumulated
Amortization
 
Net
 
Carrying
Amount
 
Accumulated
Amortization
 
Net
 
 
(in thousands)
Finite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Developed technologies
3.2
 
$
75,931

 
$
(56,562
)
 
$
19,369

 
$
69,379

 
$
(50,509
)
 
$
18,870

Client relationships
9.4
 
111,853

 
(60,240
)
 
51,613

 
96,523

 
(54,267
)
 
42,256

Trade names
6.2
 
5,899

 
(726
)
 
5,173

 
5,149

 
(456
)
 
4,693

Total finite-lived intangible assets
6.9
 
193,683

 
(117,528
)
 
76,155

 
171,051

 
(105,232
)
 
65,819

Indefinite-lived intangible assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
Trade names
 
 
15,469

 

 
15,469

 
15,461

 

 
15,461

Total identified intangible assets
 
 
$
209,152

 
$
(117,528
)
 
$
91,624

 
$
186,512

 
$
(105,232
)
 
$
81,280


Amortization expense related to finite-lived intangible assets was $6.3 million and $5.3 million for the three months ended, and $12.3 million and $10.2 million for the six months ended June 30, 2016 and 2015, respectively.
In March 2015, the Company completed the integration of the InstaManager and Kigo platforms into a single solution marketed under the Kigo name. Subsequent to this integration, the Company discontinued the use of the InstaManager trade name to market or identify the software. Due to this change in circumstance, the Company evaluated the InstaManager trade name for impairment and concluded an impairment in the amount of $0.5 million existed at March 31, 2015. This impairment charge is included in “Impairment of identified intangible assets” in the accompanying Condensed Consolidated Statements of Operations.