Goodwill and intangible assets, net

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and intangible assets, net

Goodwill and intangible assets, net

Goodwill rollforward for the years ended December 31, 2024 and 2023 was as follows:

	Amount
	(in thousands)
Goodwill as of January 1, 2023	$	45,514
Mutual Mobile purchase accounting adjustment	(677)
Acquisition of NextSphere	9,031
Goodwill as of December 31, 2023	$	53,868
Acquisition of JUXT	23,332
Acquisition of Mobile Computing	7,615
Effect of net foreign currency exchange rate changes	(1,408)
Goodwill as of December 31, 2024	$	83,407

There were no accumulated impairment losses of goodwill recorded as of December 31, 2024 and 2023.

Intangible assets consist of the following:

	Estimated Useful Life	As of December 31,
		2024		2023
	(in years)	(in thousands)
Customer relationships	8 - 12	$	52,664	$	27,839
Tradenames	2 - 10	6,904		5,324
Acquired software	2.5	995		995
Non-compete agreements	2	584		584
		$	61,147	$	34,742
Less: Accumulated amortization		(13,229)		(8,196)
Intangible assets, net		$	47,918	$	26,546

Intangible assets amortization expense for the years ended December 31, 2024, 2023, and 2022 was $5.0 million, $3.7 million, $2.5 million, respectively. Based on the carrying value of the Company’s existing intangible assets as of December 31, 2024, the estimated amortization expense for the future years is as follows:

	Amount
	(in thousands)
2025	$	7,390
2026	6,894
2027	6,349
2028	6,210
2029	5,704
Thereafter	15,371
Total	$	47,918