v3.26.3
Goodwill and Acquired Intangible Assets
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Acquired Intangible Assets Goodwill and Acquired Intangible Assets
Goodwill
The following table summarizes the changes in the carrying amount of goodwill as of the dates presented (in thousands):
September 30, 2026
Balance at December 31, 2025$406,507 
Foreign currency translation adjustment1,139 
Balance at September 30, 2026$407,646 
Acquired Intangible Assets
Acquired intangible assets subject to amortization consisted of the following (dollars in thousands):
September 30, 2026
Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Amount		Weighted Average
Remaining Life
(Years)
Acquired Relationships$182,232 $(41,413)$140,819 11.05
Developed Technology76,090 (43,936)32,154 5.48
Trade Name/Trademark5,139 (883)4,256 7.94
$263,461 $(86,232)$177,229 
December 31, 2025
Gross Carrying
Value		Accumulated
Amortization		Net Carrying
Amount		Weighted Average
Remaining Life
(Years)
Acquired Relationships$176,913 $(32,484)$144,429 11.74
Developed Technology75,543 (35,576)39,967 5.94
Trade Name/Trademark5,134 (480)4,654 8.60
$257,590 $(68,540)$189,050 
During the three months ended September 30, 2026, the Company completed an asset acquisition of certain customer relationships in its education vertical primarily in Canada for an upfront payment of $3.2 million and contingent consideration of up to $3.9 million. The total capitalized costs of the acquired asset was $4.8 million, consisting of the upfront cash payment of $3.2 million, capitalized transaction costs of $0.1 million, and an accrued liability of $1.5 million for contingent consideration deemed probable and reasonably estimable at the acquisition date. The contingent consideration is based on the successful execution of specific commercial contracts through November 20, 2026, which will be capitalized as additional cost of the asset.
Amortization expense for the three months ended September 30, 2026 and 2025 was $5.7 million and $5.3 million, respectively. Amortization expense for the nine months ended September 30, 2026 and 2025 was $17.6 million and $14.7 million, respectively.
As of September 30, 2026, the estimated annual amortization expense of intangible assets for each of the next five years and thereafter is expected to be as follows (in thousands):
Estimated Amortization Expense
Remainder of fiscal year 2026$5,620 
202721,305 
202821,237 
202920,729 
203018,758 
203117,324 
Thereafter72,256 
$177,229