Amwell Files for IPO, Enters Partnership With Google Cloud
August 24 2020 - 6:47PM
Dow Jones News
By Stephen Nakrosis
American Well Corp., also known as Amwell, filed for an initial
public offering with the U.S. Securities and Exchange Commission on
Monday, and also entered into a multiyear, strategic partnership
with Google Cloud "to deliver transformative telehealth solutions
across the global healthcare ecosystem."
Amwell said it applied to list its stock on the New York Stock
Exchange under the symbol "AMWL." The company didn't indicate a
proposed size for the offering, nor did it give an anticipated
price range, but it provided a placeholder amount of $100 million
to calculate its registration fee.
Amwell said, "Google LLC has agreed to purchase $100 million of
our Class C common stock in a private placement concurrent with the
consummation of this offering, with the price per share to be equal
to the purchase price to the public in this offering."
Under the terms of the partnership, the companies said, Google
Cloud has selected Amwell as its preferred global telehealth
platform partner, while Amwell chose Google Cloud as its preferred
global cloud platform partner.
The partnership will also see the companies "engage in a
strategic technology collaboration to bring the best of their
technologies to enrich the telehealth experience," as well as
"engage in go-to-market strategy alignment and execution to expand
access to virtual care delivery into their mutual customer
accounts," they said.
Morgan Stanley, Goldman Sachs & Co., LLC, Piper Sandler, UBS
Investment Bank, Credit Suisse and Cowen Berenberg are listed as
underwriters for the IPO.
Amwell said it is a "telehealth company enabling digital
delivery of care for healthcare's key stakeholders."
--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
August 24, 2020 18:32 ET (22:32 GMT)
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