An employee brings a television to a customer’s car at a Best Buy store in Orlando, Florida.
Paul Hennessy | SOPA pictures | LightRakete | Getty Images
Best Buy announced Tuesday that it had agreed to acquire Current Health, a UK technology company that helps with remote patient monitoring and telemedicine.
Financial terms were not disclosed. Best Buy expects the transaction to complete by the end of the fiscal year, according to a filing with the US Securities and Exchange Commission.
With the move, Best Buy is moving further into healthcare – a sector CEO Corie Barry often cites as a growth opportunity. She has pointed out several trends that benefit retailers, such as the desire of many baby boomers to age at home, cost management in the healthcare industry, and the popularity of watches and other technologies that track people’s health.
The consumer electronics retailer already owns stores that operate in this area. It acquired GreatCall in 2018 as part of a $ 800 million deal. The company makes easy-to-use cell phones and connected health devices, and provides emergency services for the elderly. It acquired another senior-focused company, Critical Signal Technologies, in 2019.
Current Health’s technology enables healthcare organizations to monitor patients at home. It uses data from biosensors, such as handheld devices, to give a doctor insight into a person’s health and signal whether he or she needs attention.
Health’s current CEO, Christopher McCann, said in a press release that Best Buy was well suited to acquire because of its reach in stores and customer confidence.
“There can be significantly more home healthcare in the next ten years,” he said.
Deborah Di Sanzo, President of Best Buy Health, said the consumer electronics retailer already has “the deep expertise in helping customers bring technology right into their homes.”
“The future of consumer technology is directly tied to the future of healthcare,” she said.
Best Buy stocks traded more than 1% in pre-trading.