Best Buy announced that it has acquired U.K based remote health monitoring platform Current Health. This is the latest push by the retailer in the health technology sector.
What do we know about Best Buy's acquisition?
The price of the deal has not been reported. However, according to the Securities and Exchange filing the deal will be completed by the end of the fourth quarter. Talking about the deal, Debora Di Sanzo, president of Best Buy Health said, "The future of consumer technology is directly connected to the future of health care. 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 health care needs."
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Meanwhile CEO of Current Health, Christopher McCann said in a statement, "Best Buy has unparalleled physical reach, world-class supply chain logistics, and trusted support services — allowing us to provide a high-touch consumer experience, at scale. We're excited to join with Best Buy Health to move safe and effective healthcare into the home globally."
What is Current Health?
Current Health is a company based out of the U.K. They offer remote monitoring services for the elderly. According to their website, the company's mission is to, "Ensure every human has the ability to lead a healthier and longer life by predicting disease onset and delivering treatment earlier." Current Health provides services like remote patient monitoring, virtual hospitals, and virtual clinical trials.
Best Buy's is investing heavily in health care
This is not Best Buy's first investment in the health tech sector. Back in 2018, the retail giant reportedly spent USD 800 million to acquire GreatCall. GreatCall is a company that provides monitoring services and devices to senior citizens to make it possible for them to live in their homes longer. Over the past year, the company has also invested heavily in fitness and wellness products that include wearables that can be used to track blood pressure and manage weight. It has doubled its number of vendors that are capable of making such fitness tracking devices. The lockdowns resulting from the Covid-19 pandemic, further cemented the need for quality at-home health care and is a stronger use case for the company's decision to invest in health tech.
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