Annual report pursuant to Section 13 and 15(d)

GOODWILL AND INTANGIBLE ASSETS, NET

v2.4.1.9
GOODWILL AND INTANGIBLE ASSETS, NET
12 Months Ended
Dec. 31, 2014
GOODWILL AND INTANGIBLE ASSETS, NET [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET
NOTE 9 – GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The following table summarizes changes in the carrying amount of goodwill for the year ended December 31, 2014 (in thousands):

   
Balance as of
 December 31, 2013
   
Acquisitions
   
Balance as of
December 31, 2014
 
TC
  $ 0     $ 21,750     $ 21,750  

We believe due to the recent nature of the Acquisition, no goodwill impairment existed at December 31, 2014.

 Intangible Assets

The following table summarizes the gross carrying amounts and accumulated amortization of intangible assets by major class (in thousands):

   
December 31, 2014
 
Intangible assets subject to amortization
(Definite-lived)
 
Gross
   
Accumulated
Amortization
   
Net
 
Customer relationships
  $ 16,852     $ (281 )   $ 16,571  
Non-compete agreements
    94       (5 )     89  
Licenses and permits
    1,471       (32 )     1,439  
Developed technology
    6,131       (153 )     5,978  
      24,548       (471 )     24,077  
Intangible assets not subject to amortization
(Indefinite-lived)
                       
Trade name
    2,158       -       2,158  
Total
  $ 26,706     $ (471 )   $ 26,235  

Estimated amortization expense for the succeeding five fiscal years is as follows (in thousands):

2015
  $ 1,884  
2016
    1,878  
2017
    1,860  
2018
    1,861  
2019
    1,860  
Total
  $ 9,343