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, 2025 and March 31, 2026 (in thousands):


March 31, 2026	Useful Lives (In Years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Definite-lived:
Customer relationships	9 - 13	$	213,107	$	(40,868)	$	172,239
Trademark and tradename	3 - 15	23,637		(8,291)		15,346
Patents	7 - 11	2,128		(961)		1,167
Technology	3 - 5	85,187		(36,165)		49,022
Software to be sold or leased	3 - 5	22,875		(5,296)		17,579
		346,934		(91,581)		255,353

Indefinite-lived:
Customer list		104		—		104
Trademark and tradename		61		—		61
		165		—		165

Total		$	347,099	$	(91,581)	$	255,518


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

At March 31, 2026, the weighted-average remaining amortization periods for customer relationships, trademarks and tradenames, patents, technology, and capitalized software to be sold or leased were 10.2, 9.8, 3.0, 2.8, and 2.8 years, respectively.

Amortization expense for the year ended December 31, 2023, the three months ended March 31, 2024, and the years ended March 31, 2025 and 2026 was $5,569, $988, $27,619 and $37,001, 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
Businesses acquired
Powerfleet Africa Sky	552
RTS Acquisition	5,637
Foreign currency translation difference	22,660
Balance at March 31, 2026	$	411,995

Refer to Note 3 for additional information regarding the change in the carrying amount of goodwill from April 1, 2024 to March 31, 2026 as a result of the FC Acquisition and RTS Acquisition.

Goodwill is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The Company operates with one operating segment, which is its only reporting unit and aligns with its only reportable segment. For the year ended December 31, 2023, the three months ended March 31, 2024, and the years ended March 31, 2025 and 2026, the Company did not incur an impairment charge.