American Well Corp AMWL

Amwell (American Well) is a telehealth platform headquartered in Boston, Massachusetts, USA. Founded in 2006, its mobile and web platform links physicians and other healthcare providers with patients, as well as connecting other stakeholders such as insurers and health tech innovators. As of September 2020, it provides its services to clients resident in the USA.

Backed by Alphabet Inc., the parent company of Google, its customers as of September 2020 include 150 health systems such as Northwell Health and the New York-Presbyterian, as well as 55 health plans (Anthem and a number of Blue Cross Shield affiliates among them). The company is also used by other firms to provide telehealth services. These include large firms such as Wellpath, Oracle, and Campbell Soup Co.

In August 2020, Alphabet Inc invested $100 million in the company in exchange for the firm transferring some of its video capabilities to the Google Cloud platform. On 15th September 2020, Amwell’s share price reached $18 per share upon the sale of 41 million shares at its IPO, which raised $742m. This was above the expected target, which had been based on a more modest offering of 35 million shares at $14–$16. Strong demand for the stock persuaded the company to change tack with a bigger offering.From 17th September 2020, Amwell began trading on the NYSE under the ticker AMWL.

For further updates on Amwell, add it to your watchlist using the ticker AMWL.