On September 3, 2019, the Company acquired 100% of the outstanding shares of GFB Holdings, Inc. (“GetFeedback”), including its wholly-owned subsidiary GetFeedback, Inc., a customer experience management company that offers purpose-built solutions to its customers and understands and improves customer experience through the creation of customized branded surveys.

The Company paid approximately $68.3 million for the acquisition, which consisted of (i) cash consideration of approximately $61.5 million (net of cash acquired of approximately $0.7 million) and (ii) 376,333 shares of the Company’s common stock with a fair value of $16.24 per share on the acquisition date.

Based on their estimated fair values, the Company recorded $3.3 million of net tangible liabilities, $17.7 million of identifiable intangible assets (primarily customer relationships and developed technology) and $53.9 million of goodwill.

On April 1, 2019, the Company acquired 100% of Usabilla Holding B.V. (“Usabilla”), a voice of customer technology company headquartered in the Netherlands that offers its customers products to help improve their customers’ online experience by generating and processing user feedback via targeted surveys on websites, in mobile apps and by email.

The Company paid approximately $84.3 million for the acquisition, which consisted of (i) cash consideration of approximately $53.1 million (net of cash acquired of approximately $1.1 million) and (ii) 1,644,413 shares of the Company’s common stock with a fair value of $18.30 per share on the acquisition date. Additional consideration of 299,798 shares of the Company’s common stock was issued to certain employees of Usabilla and was not included in the purchase price. This additional consideration will be recognized as post-acquisition compensation expense over the related requisite service period of three years.

Based on their estimated fair values, the Company recorded $2.9 million of net tangible liabilities, $15.1 million of identifiable intangible assets (primarily developed technology) and $72.1 million of goodwill.

Pro forma results of operations for these acquisitions have not been presented because they are not material to the consolidated results of operations, either individually or in the aggregate.

The measurement period for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the applicable acquisition date becomes available but does not exceed 12 months from the acquisition date. As of March 31, 2020, the measurement period has closed for the acquisition of Usabilla. Additional information related to the acquisition of GetFeedback, such as that related to income tax and other contingencies, existing as of the acquisition date but unknown to the Company may become known during the remainder of the measurement period, which may result in a change in the amounts allocated to goodwill during the periods in which the adjustments are determined.

The Company has incurred incremental expenses related to the above acquisitions of $1.0 million for the Usabilla acquisition and $0.7 million for the GetFeedback acquisition, which were included in general and administrative expenses in the condensed consolidated statements of operations for the three months ended June 30, 2019 and September 30, 2019, respectively.

As of June 30, 2020 and December 31, 2019, capitalized internal-use software consisted of the following:

(in thousands)	June 30, 2020			December 31, 2019
Gross capitalized internal-use software	$	67,648		$	61,130
Less: Accumulated amortization		(35,233	)		(27,974	)
Capitalized internal use software, net	$	32,415		$	33,156

Amortization expense related to capitalized internal-use software was $3.6 million and $7.3 million during the three and six months ended June 30, 2020, respectively, and $3.7 million and $7.4 million during the three and six months ended June 30, 2019, respectively, and is included in cost of revenue in the condensed consolidated statements of operations.

As of June 30, 2020 and December 31, 2019, intangible assets, net consisted of the following:

	June 30, 2020							December 31, 2019
(in thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer relationships	$	25,583	$	(12,190	)	$	13,393	$	25,594	$	(9,712	)	$	15,882
Trade name		2,713		(1,005	)		1,708		2,711		(763	)		1,948
Developed technology		27,561		(16,273	)		11,288		27,547		(12,227	)		15,320
Acquisition intangible assets, net	$	55,857	$	(29,468	)	$	26,389	$	55,852	$	(22,702	)	$	33,150

Amortization expense was $3.4 million and $6.7 million during the three and six months ended June 30, 2020, respectively, and $2.2 million and $3.2 million during the three and six months ended June 30, 2019, respectively.

As of June 30, 2020, future amortization expense by year is expected to be as follows (in thousands):

(in thousands)	Capitalized internal-use software, net		Acquisition intangible assets, net
Remainder of 2020	$	6,037	$	5,772
2021		8,944		9,863
2022		4,957		4,996
2023		483		1,906
2024		—		1,664
Thereafter		—		2,188
Total amortization expense	$	20,421	$	26,389

Future capitalized internal-use software amortization excludes $12.0 million of costs which are currently in the development phase.