Best Buy enters into acquisition of UK medical company Current Health

An employee brings a television set to a shopper’s car at a Best Buy store in Orlando, Florida.

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Best Buy said Tuesday it has agreed to acquire Current Health, a UK-based technology company that helps with remote patient monitoring and telemedicine.

Financial terms were not disclosed. Best Buy expects the deal to close by the end of the fiscal year, the US Securities and Exchange Commission said in a statement.

With this move, Best Buy is moving further in the healthcare industry, a sector that CEO Corey Barry often describes as an opportunity for growth. She pointed to several trends that are working in favor of the retailer, such as the desire of many baby boomers to age at home, the need for the healthcare industry to manage costs, and the popularity of watches and other technologies that track people’s health.

The consumer electronics retailer already owns a business in this area. In 2018, she acquired GreatCall for $ 800 million. The company makes easy-to-use cell phones and connected medical devices, and provides emergency response services for the elderly. In 2019, it acquired another executive-focused company, Critical Signal Technologies.

Current Health technology enables healthcare organizations to monitor patients at home. It uses data from biosensors, such as wearable devices, to give a doctor an idea of ​​a person’s health and whether he or she needs attention.

The current CEO of Health, Christopher McCann, said in a press release that Best Buy is a good fit for an acquisition because it reaches out to stores and trusts shoppers.

“In the next decade, much more medical services can be provided at home,” he said.

Deborah Di Sanzo, president of Best Buy Health, said the consumer electronics retailer already has “a special expertise in helping customers get technology to work right in their homes.”

“The future of consumer technology is directly linked to the future of healthcare,” she said.

Best Buy shares were up more than 1% in premarket.

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