DoubleVerify Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets

Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

The following is a summary of changes to the goodwill carrying value from December 31, 2020 through December 31, 2021:


(in thousands)
Goodwill as of December 31, 2020	$	227,349
Business combinations (Meetrics and OpenSlate)		124,179
Foreign exchange impact and other		(968)
Goodwill as of December 31, 2021	$	350,560

There were no changes to the goodwill carrying value from December 31, 2019 through December 31, 2020.

The following table summarizes the Company’s intangible assets and related accumulated amortization:


	December 31, 2021						December 31, 2020
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
(in thousands)	Amount		Amortization		Amount		Amount		Amortization		Amount
Trademarks and brands	$	11,735	$	(3,422)	$	8,313	$	11,690	$	(2,562)	$	9,128
Customer relationships		143,728		(36,831)		106,897		102,220		(27,720)		74,500
Developed technology		72,065		(33,937)		38,128		63,210		(25,128)		38,082
Non-compete agreements		68		(11)		57		—		—		—
Total intangible assets	$	227,596	$	(74,201)	$	153,395	$	177,120	$	(55,410)	$	121,710

Amortization expense related to intangible assets amounted to $18.8 million, $17.9 million, and $17.1 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Estimated future expected amortization expense of intangible assets as of December 31, 2021, is as follows:


(in thousands)
2022	$	24,091
2023		24,014
2024		22,371
2025		20,079
2026		13,731
Thereafter		49,109
Total	$	153,395

The weighted-average remaining useful life by major asset classes as of December 31, 2021 is as follows:


		(In years)
Trademarks and brands		10
Customer relationships		9
Developed technology		4
Non-compete agreements		2

There were no impairments identified during the years ended December 31, 2021, 2020 and 2019.