BOSTON, May 17, 2022--(BUSINESS WIRE)--Amwell® (NYSE: AMWL), a digital care delivery leader, today announced it has reached an agreement to shorten the earnout period associated with its acquisition of SilverCloud Health, the digital mental health company it purchased in August, 2021. As a result of this renegotiation, Amwell issued an aggregate of 4,959,856 shares of the Company’s Class A common stock to the former stockholders of SilverCloud Health. The news comes on the heels of Amwell announcing the early termination of the earnout associated with its acquisition of Conversa Health.
"SilverCloud digital cognitive behavioral health programs are a crucial aspect of our strategy to empower leading healthcare organizations, with our enterprise software infrastructure. While we were planning to measure the earnout at the end of 2022, accelerating SilverCloud integration now allows us to achieve important cultural, go-to-market, and operational efficiencies that position us to deliver our scalable, comprehensive behavioral health solution to the market more quickly enabling our payer and provider customers to reach more of their members and patients with best-in-class care, driving substantial cost savings and patient experience benefits during this time of need," said Dr. Ido Schoenberg, Chairman and CEO, Amwell.
"Behavioral and mental health care is one of the most capacity-strained areas of healthcare, and recent global events as well as the pandemic have only exacerbated the crisis further," said Ken Cahill, General Manager of SilverCloud Health. "Together with Amwell, we expect to quickly, effectively, and efficiently scale our digital therapy content, programs and support, which have shown clinical results equivalent to face-to-face care with lower cost and broader reach."
Amwell is a leading digital care delivery platform in the United States and globally, connecting and enabling providers, insurers, patients, and innovators to deliver greater access to more affordable, higher quality care. Amwell believes that digital care delivery will transform healthcare. The Company offers a single, comprehensive platform to support all telehealth needs from urgent to acute and post-acute care, as well as chronic care management and healthy living. With over a decade of experience, Amwell powers telehealth solutions for over 2,000 hospitals and 55 health plan partners with over 36,000 employers, covering over 80 million lives. For more information, please visit https://business.amwell.com/.
American Well, Amwell, SilverCloud, Conversa, Converge and Carepoint are registered trademarks or trademarks of American Well Corporation in the United States and other countries. All other trademarks used herein are the property of their respective owners.
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