The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Beginning balance	$	97,766	$	85,841
Goodwill related to acquisitions		20,705		16,197
Foreign currency translation adjustment		3,175		(4,272	)
Ending balance	$	121,646	$	97,766

Acquired intangible assets subject to amortization consisted of the following (in thousands):


	December 31, 2023
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	39,624	$	(21,446	)	$	18,178		4.71
Acquired Relationships		104,007		(14,143	)		89,864		11.04
Trade Name/Trademark		136		—			136		1.83
	$	143,767	$	(35,589	)	$	108,178

* Includes $(750) thousand of foreign currency translation adjustments.

** Includes $(41) thousand of foreign currency translation adjustments.


	December 31, 2022
	Gross Carrying Value*		Accumulated Amortization**			Net Carrying Amount		Weighted Average Remaining Life (Years)
Developed Technology	$	31,848	$	(15,429	)	$	16,419		4.55
Acquired Relationships		90,612		(9,423	)		81,189		10.92
Non-Compete Agreement		469		(461	)		8		0.27
	$	122,929	$	(25,313	)	$	97,616

* Includes $(3,416) thousand of foreign currency translation adjustments.

** Includes $154 thousand of foreign currency translation adjustments.

Amortization expense for the years ended December 31, 2023, 2022 and 2021 was $11.5 million, $9.1 million and $6.7 million, respectively.

As of December 31, 2023, 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
2024	$	11,984
2025		12,245
2026		11,521
2027		10,947
2028		10,598
Thereafter		50,883
	$	108,178