GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill and intangible asset balances consisted of the following:

	As of June 30, 2019							Amortization Period
($ in thousands)	Gross		Accumulated Amortization			Net
Intangible assets:
Non-compete agreements	$	2	$	(2	)	$	—	2 years
Brand and tradenames	1,695		(470		)	1,225		3 - 7 years
Developed technology	10,939		(3,266		)	7,673		5 - 6 years
Customer relationships	19,049		(1,776		)	17,273		10 - 18 years
Total intangible assets	$	31,685	$	(5,514	)	$	26,171
Goodwill	64,149		—			64,149		Indefinite
Total intangible assets and goodwill	$	95,834	$	(5,514	)	$	90,320

	As of June 30, 2018							Amortization Period
($ in thousands)	Gross		Accumulated Amortization			Net
Intangible assets:
Non-compete agreements	$	2	$	(2	)	$	—	2 years
Brand and tradenames	1,695		(226		)	1,469		3 - 7 years
Developed technology	10,939		(1,421		)	9,518		5 - 6 years
Customer relationships	19,049		(711		)	18,338		10 - 18 years
Total intangible assets	$	31,685	$	(2,360	)	$	29,325
Goodwill	64,149		—			64,149		Indefinite
Total intangible assets and goodwill	$	95,834	$	(2,360	)	$	93,474

During the year ended June 30, 2018, the Company recognized $52.7 million in goodwill, net of a $0.3 million post-closing working capital adjustment, and $30.8 million in newly acquired intangibles in association with the Cantaloupe acquisition as referenced in Note 4. There were no impairments of goodwill during the years ended June 30, 2018 and 2019.

For the years ended June 30, 2019, 2018 and 2017, amortization expense related to intangible assets was $3.2 million, $2.1 million and $0.2 million, respectively. The weighted-average remaining useful life of the finite-lived intangible assets was 12.3 years as of June 30, 2019, of which the weighted-average remaining useful life for the brand and tradenames was 5.3 years, for the developed technology was 4.3 years, and for the customer relationships was 16.3 years.

Estimated annual amortization expense for intangible assets is as follows (in thousands):

2020	$	3,138
2021	3,074
2022	3,010
2023	3,010
2024	1,909
Thereafter	12,030
	$	26,171