Annual report pursuant to Section 13 and 15(d)

Goodwill

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Goodwill
 12 Months Ended
Jan. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill Goodwill
The changes in the carrying amount of goodwill for the periods presented were as follows:
January 31,
(in thousands) 2023 2022
Balance at beginning of period $ 49,911  $ 46,823 
Business combination —  3,023 
Effect of exchange rates 119  65 
Balance at end of period $ 50,030  $ 49,911 
In 2021, the Company acquired certain assets from a privately held company in a transaction that qualified as a business combination. Goodwill consists primarily of expected synergies of the acquired workforce and growth opportunities, none of which qualify as separately identifiable intangible assets. This business combination was not material to the consolidated financial statements.
On an annual basis, the Company performs a goodwill impairment analysis. As discussed in Note 2, Basis of Presentation and Summary of Significant Accounting Policies, there was no impairment in the periods presented.