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Best Buy is known to be an electronics retailer in the U.S., but it has started getting into the healthcare business in recent years. Now it is buying the UK-based firm, Current Health, to further expand its strategy in this field.
Best Buy was said to have agreed to purchase Current Health, the leading remote patient monitoring platform, combining ICU-accurate wearable monitoring, precise early warning alerts, and video visits in the U.K., and this was revealed on Tuesday, Oct. 12. Then again, the financial terms of the acquisition deal were not disclosed to the public.
According to CNBC, it was stated in the filing with the U.S. Securities and Exchange Commission that the Richfield, Minnesota headquartered consumer electronics retailer is expecting the deal to close by the end of the fiscal year.
With its acquisition, Best Buy is apparently pushing itself further into the health care trade. It was mentioned that the company’s chief executive officer, Corie Barry, believes that this line of business offers enormous growth opportunities. Thus, it is no wonder that the company is making these strategic steps.
It was reported that Barry also mentioned some trends that work in Best Buy’s favor, like the healthcare industry’s requirement for cost management, the wish of most baby boomers to retire and age at home, and the popularity of devices such as smartwatches that can track people’s health.
“The future of consumer technology is directly connected to the future of healthcare,” Best Buy Health president, Deborah Di Sanzo, said in a press release. “We have the distinct expertise in helping customers make technology work for them directly in their homes and by combining Current Health’s remote care management platform with our existing health products and services, we can create a holistic care ecosystem that shows up for someone across all of their healthcare needs.”
In addition, the CEO of Current Health, Christopher McCann, said that they are excited to join hands with Best Buy in providing the best, safest, and effective healthcare in homes worldwide.
Meanwhile, Best Buy already owns some businesses related to the health care sector. In 2018, it acquired GreatCall for $800 million to provide emergency response services for the aged. It also bought Critical Signal Technologies in 2019 to offer services dedicated to the senior population.
