Amwell has closed acquisitions on two digital health companies, SilverCloud Health and Conversa Health, the company announced Tuesday.
Here are five things to know about the acquisitions:
1. Telehealth company Amwell unveiled plans in July to buy SilverCloud and Conversa in transactions totaling $320 million. Boston-based Amwell will integrate services from the two firms into its virtual care platform as part of its vision to "[blend] in-person, virtual and digital experiences," Amwell Chairman and co-CEO Ido Schoenberg said in a news release.
2. SilverCloud, an on-demand mental healthcare company founded in 2012, raised $26.2 million from investors including UnityPoint Health and OSF HealthCare. The acquisition could help Amwell expand its reach beyond the U.S. because SilverCloud provides behavioral health tools to Ireland's Health Service Executive and the U.K.'s National Health Service.
3. Conversa, a chatbot startup, raised $33.8 million from investors including Northwell Health and University Hospitals since its launch in 2014. Amwell will add Conversa's automated texting capabilities into its platform so that clinicians can use them to monitor patients before and after telehealth visits.
4. There were 25 telehealth mergers or acquisitions in the first half of 2021, the most in any digital health subsector, as companies like Amwell seek to expand services and differentiate themselves. Telehealth giant Teladoc Health in recent years has acquired companies focused on the provider market and chronic disease management, and to expand its international footprint.
5. Amwell posted $60.2 million in revenue for 2021's second quarter, down 12.2% year-over-year and a nearly even split between $26.8 million in revenue from subscriptions and $27.5 million in revenue from visits. The company posted a $38.1 million net loss, compared to a $88.2 million net loss in the year-ago quarter.