Best Buy Pushes Further Into Healthcare With Current Health Acquisition
Best Buy announced earlier this week that it agreed to acquire Current Health, a U.K. tech company that helps with remote patient monitoring and telehealth. The consumer electronics retailer expects the deal to close by the end of the fiscal year, according to a filing with the U.S. Securities and Exchange Commission. With the move, Best Buy is pushing further into health care — a sector that CEO Corie Barry frequently describes as a growth opportunity. Best Buy acquired GreatCall in an $800 million deal in 2018. The company makes easy-to-use cell phones and connected health devices, and provides emergency response services for aging adults. It acquired another senior-focused company, Critical Signal Technologies, in 2019.
Total Retail's Take: Barry is making a concerted effort to diversify Best Buy's revenue sources, likely a wise decision given the semiconductor shortage that could potentially impact many of the products that the retailer has relied on for sales in the past, including computers and cell phones. Furthermore, investing in the healthcare sector, with a specific focus on at-home care through the use of technology, aligns with Best Buy's tech-savvy audience, with which the retailer has built long-term and loyal relationships. As healthcare becomes more digital in nature, Best Buy wants to be a player in the market. Strategic acquisitions are positioning the retailer to do just that.