Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

On October 29, 2020, the Company completed the acquisition of the share capital of Polyrize, a provider of software that maps and analyzes relationships between users and data across a number of cloud applications and services.

Goodwill

Goodwill represents the excess of the purchase price over the identifiable tangible and intangible assets acquired less liabilities assumed arising from business combinations. The Company believes the goodwill represents the synergies expected from expanded market opportunities when integrating with its offerings.

All goodwill balances are subject to annual goodwill impairment testing. As of December 31, 2021, the Company concluded that no impairment for goodwill, including intangibles, was required.

Intangible Assets

Total cost and amortization of intangible assets is comprised of the following (in thousands, except useful life):

Intangible assets, net	Estimated Useful Life (in years)	December 31, 2021
Developed technology & trademarks	4	$	6,110
Total intangible assets		6,110
Less: Accumulated amortization		1,797
Total intangible assets, net		$	4,313

Intangible assets are expensed on a straight-line basis over the useful life of the asset. The Company recorded amortization expense of $1,533 and $264 for the years ended December 31, 2021 and 2020, respectively.

The following table summarizes estimated future amortization expense of our intangible assets as of December 31, 2021 (in thousands):

Years ending December 31,	Amount
2022	1,525
2023	1,525
2024	1,263
Total future amortization expense	$	4,313