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SEC
10-Q
BIOTELEMETRY, INC. filed this Form 10-Q on 10/31/2018
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BIOTELEMETRY, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Unaudited)


6. Goodwill and Intangible Assets
Goodwill was recognized at the time of our acquisitions. The following table presents the carrying amount of goodwill allocated to our reportable segments, as well as the changes to goodwill during the nine months ended September 30, 2018:
 
Reporting Segment
 
 
 
 
(in thousands)
Healthcare
 
Research
 
Corporate and Other
 
Total
Balance at December 31, 2017
$
198,273

 
$
16,293

 
$
8,539

 
$
223,105

Measurement period adjustments
15,234

 

 

 
15,234

Balance at September 30, 2018
$
213,507

 
$
16,293

 
$
8,539

 
$
238,339

The measurement period adjustments in the Healthcare segment are due to the LifeWatch acquisition. Refer to “Note 3. Acquisitions” for details related to the measurement period adjustments.
The gross carrying amounts and accumulated amortization of our intangible assets are as follows:
(in thousands, except years)
Estimated
Useful Life
(Years)
 
September 30,
2018
 
December 31,
2017
Gross Carrying Value:
 
 
 
 
 
Customer relationships
5 - 15
 
$
143,100

 
$
143,174

Technology including internally developed software
1.5 - 10
 
17,547

 
15,953

Backlog
1 - 4
 
6,860

 
6,860

Covenants not to compete
5 - 7
 
1,040

 
1,040

Total intangible assets, gross
 
 
168,547

 
167,027

Accumulated Amortization:
 
 
 
 
 
Customer relationships
 
 
(21,321
)
 
(10,868
)
Technology including internally developed software
 
 
(10,340
)
 
(8,573
)
Backlog
 
 
(5,633
)
 
(5,052
)
Covenants not to compete
 
 
(919
)
 
(827
)
Total accumulated amortization
 
 
(38,213
)
 
(25,320
)
Total intangible assets, net
 
 
$
130,334

 
$
141,707


7. Equity Method Investment
We hold an ownership interest in Well Bridge Health, Inc. (“WellBridge”). The investment is accounted for under the equity method. Our Chief Executive Officer sits on WellBridge’s board of directors, and therefore, WellBridge is considered a related party. Except for our periodic investment in WellBridge through capital contributions, there were no related-party transactions.
As of September 30, 2018, our investment in WellBridge represented 32.2% of its outstanding stock. A summary of our investment in WellBridge is as follows:

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