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NEWS
Amwell® divests virtual psychiatric care business to Avel eCare in all-cash transaction
Thursday, 9th January at 8:00 am
Divestment of Amwell Psychiatric Care intended to focus product portfolio on key growth initiatives
Company reiterates guidance for 2024
BOSTON, Jan. 09, 2025 (GLOBE NEWSWIRE) -- Amwell® (NYSE: AMWL), a global leader in digital care, today announced it has sold its Amwell Psychiatric Care (APC) business to Avel eCare, a national leading provider of clinician-to-clinician telehealth services.
With the divestiture of APC, a virtual psychiatric care service that Amwell purchased in 2019, Amwell continues to sharpen its focus on key growth areas, driving greater efficiencies and fulfilling clients' digital care ambitions. Throughout its nearly 20-year history, Amwell has continuously adapted to market demands by leveraging its technology and healthcare expertise to enable clients to deliver high-quality care. The company's decision to divest APC reinforces its culture of agility and commitment to meeting clients' virtual care needs.
"The divestment of APC will enable us to increase focus on our unified, world class digital care platform. The transaction strengthens our balance sheet while emphasizing our focus on growing accretive software contribution in our product mix," said Ido Schoenberg, M.D., Amwell chairman and CEO. "We're confident Avel eCare will be a wonderful home for our APC business and will continue to offer great value to clients. Their expertise in telehealth and shared commitment to innovation make them the ideal organization to carry forward this important work. We look forward to exploring collaborative ways for Amwell and Avel to serve patients and communities together."
Thursday, 9th January at 8:00 am
Divestment of Amwell Psychiatric Care intended to focus product portfolio on key growth initiatives
Company reiterates guidance for 2024
BOSTON, Jan. 09, 2025 (GLOBE NEWSWIRE) -- Amwell® (NYSE: AMWL), a global leader in digital care, today announced it has sold its Amwell Psychiatric Care (APC) business to Avel eCare, a national leading provider of clinician-to-clinician telehealth services.
With the divestiture of APC, a virtual psychiatric care service that Amwell purchased in 2019, Amwell continues to sharpen its focus on key growth areas, driving greater efficiencies and fulfilling clients' digital care ambitions. Throughout its nearly 20-year history, Amwell has continuously adapted to market demands by leveraging its technology and healthcare expertise to enable clients to deliver high-quality care. The company's decision to divest APC reinforces its culture of agility and commitment to meeting clients' virtual care needs.
"The divestment of APC will enable us to increase focus on our unified, world class digital care platform. The transaction strengthens our balance sheet while emphasizing our focus on growing accretive software contribution in our product mix," said Ido Schoenberg, M.D., Amwell chairman and CEO. "We're confident Avel eCare will be a wonderful home for our APC business and will continue to offer great value to clients. Their expertise in telehealth and shared commitment to innovation make them the ideal organization to carry forward this important work. We look forward to exploring collaborative ways for Amwell and Avel to serve patients and communities together."
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