In a move to further expand its health care technology business, Best Buy is buying a U.K.-based patient monitoring platform Current Health.
Best Buy to purchase U.K. technology platform Current Health
The acquisition follows other large investments the electronics retailer has made in telehealth.
October 12, 2021 at 5:16PM
Current Health offers telehealth solutions for health care providers. The price of the Current Health acquisition wasn't immediately disclosed, but according to a Securities and Exchange Commission filing, the deal is expected to close by the end of Best Buy's fourth quarter.
"The future of consumer technology is directly connected to the future of health care," said Deborah Di Sanzo, president of Best Buy Health, in a statement. "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."
Best Buy has steadily grown its health unit in the past few years. In 2018, the Richfield-based electronics giant made its biggest acquisition ever when it spent $800 million to purchase GreatCall, which provides devices and monitoring services to help seniors live in their homes longer.
In the past year, Best Buy has also more than doubled the number of store vendors that make fitness and wellness products including wearables that helps track blood pressure and manage weight.
Best Buy CEO Corie Barry said previously that the company's health care strategy has become more relevant with more people relying on technology during the pandemic.
"I think the appetite, as you think about virtual care, especially given the last 18 months that we've all gone through and that ability to not always rely on an in-person hospital visit ... there's an even greater use case now," Barry said in an August call with analysts.
As part of its services, Current Health integrates patient-reported data with data from biosensors — including wearable devices — to provide health care organizations with data on patients' health conditions. With the technology, Current Health is able to identify when a patient needs clinical attention.
"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," said Christopher McCann, chief executive of Current Health, in a statement. "We're excited to join with Best Buy Health to move safe and effective healthcare into the home globally."
Architect Michael Hara wanted to carry on a legacy from his father and grandfather by also building his own house. It went on to win a design honor from the American Institute of Architects Minnesota.
