The Company capitalizes costs for software to be sold, marketed, or leased to customers. Costs incurred internally in researching and developing software products are charged to expense until technological feasibility has been established for the product. Once technological feasibility is established, software costs are capitalized until the product is available for general release to customers. Judgment is required in determining when technological feasibility of a product is established. The amortization of these costs is included in cost of revenue over the estimated life of the products.

The following table summarizes identifiable intangible assets of the Company as of March 31, 2024 and March 31, 2025 (in thousands):


March 31, 2025	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived:
Customer relationships	9 - 13	$	200,868	$	(21,994)	$	178,874
Trademark and tradename	3 - 15	21,557		(5,805)		15,752
Patents	7 - 11	628		(553)		75
Technology	5 - 7	74,050		(21,705)		52,345
Software to be sold or leased	3 - 7	13,490		(2,119)		11,371
		310,593		(52,176)		258,417

Indefinite-lived:
Customer list		104		—		104
Trademark and tradename		61		—		61

		165		—		165

Total		$	310,758	$	(52,176)	$	258,582


March 31, 2024	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived:
Customer relationships	9 - 12	$	19,264	$	(8,012)	$	11,252
Trademark and tradename	3 - 15	7,553		(3,877)		3,676
Patents	7 - 11	628		(464)		164
Technology	7	10,911		(10,911)		—
Software to be sold or leased	3	5,159		(764)		4,395
		43,515		(24,028)		19,487

Indefinite-lived:
Customer list		104		—		104
Trademark and tradename		61		—		61

		165		—		165

Total		$	43,680	$	(24,028)	$	19,652

At March 31, 2025, the weighted-average amortization periods for customer relationships, trademarks and tradenames, patents, technology, and capitalized software to be sold or leased were 11.7, 10.8, 7.0, 4.4, and 4.3 years, respectively.

Amortization expense for the years ended December 31, 2022 and 2023, the three months ended March 31, 2024, and the year ended March 31, 2025 was $5,079, $5,569, $988 and $27,619, respectively.

Estimated future amortization expense for each of the five succeeding fiscal years for these intangible assets is as follows:

The following table is a reconciliation of the carrying amount of goodwill at the beginning and end of the reporting period (in thousands):

Goodwill

Balance at March 31, 2024

83,487

Businesses acquired

MiX Combination

216,799

FC Acquisition

82,245

Foreign currency translation difference

615

Balance at March 31, 2025

383,146

A reconciliation for the comparative period has not been presented, as there were no movements in the carrying amount of goodwill during that period.

Refer to Note 3 for additional information regarding the change in the carrying amount of goodwill from April 1, 2024 to March 31, 2025 as a result of the MiX Combination and FC Acquisition.