In a fast-evolving telehealth industry, players are trying to cope with competition and the urgency to capture a decent market share by making acquisitions. To stay ahead of the race, the virtual healthcare company American Well Corporation AMWL recently completed the buyout of two healthcare startups named SilverCloud Health and Conversa Health for a combined value of $320 million.With these companies, American Well aims to be omnipresent across the patient’s care journey. The SilverCloud bolsters the company’s presence in the behavioral healthcare area to treat patients suffering anxiety and depression. The platform is widely used by more than 300 organizations in the United States and over 80% of U.K.'s National Health Service Mental Health Services. SilverCloud’s international presence gives Amwell’s global footprint, especially in the U.K and Ireland, thus diversifying its revenues and expanding its market opportunities.Conversa Health offers automated and personalized digital check-ins with patients. These digital technologies will be integrated into the company’s Converge platform to provide hybrid care covering a bouquet of physical, virtual and automated services. The company expects these features to grow above 100% next year, adding approximately $30 million to its subscription technology business.On a GAAP basis, there will be little to no contribution to 2021 revenues but approximately $30 million will account for the 2022 top line. Both companies in aggregate are forecast to achieve 70% gross margins in 2022.These buyouts will fortify the company’s position in the telehealth market where Teladoc Health, Inc. TDOC leads the pack. Other companies, such as Cigna Corp. CI and Amazon.com, Inc. AMZN are also tapping the alluring prospects available in the market.It will not be surprising to hear another acquisition announcement from the company as it tries to achieve rapid growth in this thriving telehealth industry. Year to date, the stock has lost 58.3% compared with its industry's decline of 28.1%.Image Source: Zacks Investment ResearchAmerican Well carries a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Cigna Corporation (CI): Free Stock Analysis Report Teladoc Health, Inc. (TDOC): Free Stock Analysis Report American Well Corporation (AMWL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research