"Intangible assets" are assets that have significant value but no physical presence and provide long-term financial value to a company. The company's identifiable intangible assets are those that can be sold independently, separated from other assets, and valued. Intellectual property, like as patents, trademarks, and copyrights, as well as non-cash government grants, such as broadcasting licenses or airport landing rights, are examples of identifiable intangible assets. A trademark is a sign that can be used to separate one company's products or services from those of other businesses. Trademarks are protected under intellectual property laws. Intangible assets are capitalized at fair value as of the date of acquisition rather than cost when acquired separately.
Nice’s gross value of intangible assets surged from $679.7 million in FY2020 to $710.0 million in FY2021, a growth of 4.5%. In FY2021, the company's net value of intangible assets was $295.4 million. Trademarks and Core technology amounted to $44.4 million and $665.6 million respectively, based on the company's calculation of the fair value of identified intangible assets. The company's amortization expense for intangible assets was $118.7 million in FY2021.
In FY2021, the company completed the acquisition of ContactEngine Limited, a leading AI automation provider for customer self-service. Nice acquired ContactEngine for a total consideration of $94,897. As of the acquisition date, the company initially recorded core technology and goodwill in the amounts of $20,558 and $69,593, respectively. The company is developing and distributing a cloud offering (Software as a Service – SaaS) to grow and promote its portfolio of software solutions. The company's amortization expense for intangible assets was $114.1 million and $113.1 million in FY2020 and 2019 respectively.
Nice Ltd (Nice) is a provider of enterprise software solutions. The company provides a comprehensive range of customer engagement solutions, financial crime, and compliance solutions. It also offers services such as perfect customer experience, master robotic process automation, fighting financial crime, and power public safety. The company provides solutions for real-time and cross-channel fraud prevention, anti-money laundering, brokerage compliance, and enterprise-wide case management. Nice provides its products to various sectors such as financial services, healthcare industries, telecommunications, and entertainment.
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