Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired less liabilities assumed arising from business combinations. The Company believes the goodwill represents the synergies expected from expanded market opportunities when integrating with its offerings.

All goodwill balances are subject to annual goodwill impairment testing. As of December 31, 2025, the Company concluded that no impairment for goodwill was required. The change in the carrying amount of goodwill during the year ended December 31, 2025 is due to the Cyral and SlashNext acquisitions. For additional information regarding the acquisitions, see Note 8 of the consolidated financial statements. There were no additions or any other changes to the carrying amount of goodwill during the year ended December 31, 2024.

The following table reflects goodwill activity for the year ended December 31, 2025 (in thousands):


	Amount
Balance at December 31, 2024	$	23,135
Goodwill acquired	112,141
Balance at December 31, 2025	$	135,276

Intangible Assets, net

The total cost and amortization of the Company's intangible assets for the period ended December 31, 2025 is comprised of the following (in thousands):


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Developed technology	$	14,300	$	(926)	$	13,374
Customer relationship	3,400		(116)		3,284
Non-compete	40		(11)		29
Total	$	17,740	$	(1,053)	$	16,687

Intangible assets are expensed on a straight-line basis over the useful life of the asset. The Company recorded amortization expense of $1,053, $1,263 and $1,525 for the years ended December 31, 2025, 2024 and 2023, respectively.

The following table summarizes estimated future amortization expense of the Company's intangible assets as of December 31, 2025 (in thousands):


Years ending December 31,	Amount
2026	$	2,209
2027	2,209
2028	2,198
2029	2,196
2030	2,195
Thereafter	5,680
Total future amortization expense	$	16,687