- Best Buy on Tuesday announced that it has entered into an agreement to acquire care-at-home technology platform Current Health, according to a company press release.
- The cost was not disclosed, but the acquisition will be financed with cash, according to a form filed with the Securities and Exchange Commission.
- The transaction is subject to regulatory approval and customary closing conditions. It is expected to close by the end of the fourth quarter of fiscal 2022.
The line between retail and healthcare services is being blurred further with Best Buy's latest acquisition announcement.
Current Health, which is headquartered in Edinburgh, United Kingdom, provides patient monitoring, telehealth, and patient engagement services. The company also offers a wearable device to give healthcare organizations real-time insights into a patient's condition.
"The future of consumer technology is directly connected to the future of healthcare," 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 healthcare needs."
Best Buy has been moving further into the healthcare space over the past few years. In 2018, the retailer acquired GreatCall for $800 million. GreatCall offers connected devices, mobile products and a range of services to aging consumers, including one-touch connection to U.S.-based agents who connect users to caregivers.
"A deeper move into personal health technology management was probably inevitable from Best Buy," Stephen Baker, vice president and technology analyst at The NPD Group, told Retail Dive at the time of the GreatCall acquisition. "It builds on the overall ability of retail to connect directly to the end user and Best Buy's deep understanding of how to deploy technology to consumers and help them understand how to use it."
In another move, Best Buy Health this spring partnered with Apple to allow users to access Lively Health and Safety Services on an Apple Watch — a service that provides around-the-clock help to users from a team of urgent response agents.
Other retailers have been expanding into healthcare services as well. Walmart Health launched with a mission to provide affordable health services to different communities, and is investing millions in its expansion. Walgreens last year announced plans to open hundreds of primary care clinics across the United States, and CVS Health has been expanding its HealthHubs across the country as well.