Best Buy on Tuesday said it plans to acquire Current Health, a tech startup that develops home healthcare tools.
The acquisition supports the continued advancement of the consumer electronics retailer into the home healthcare market.
“The future of consumer technology is directly linked to the future of healthcare,” said Deborah Di Sanzo, president of Best Buy Health. news release… “By combining Current Health’s remote healthcare management platform with our existing healthcare products and services, we can create a holistic healthcare ecosystem.”
Current Health, a UK startup founded in 2015, sells a platform with remote patient monitoring, telemedicine and patient interaction tools to healthcare and pharmaceutical organizations for remote treatment programs, in-home treatment and decentralized clinical trials. The platform allows patients to communicate data and includes data from wearable devices.
Current Health, which has clients such as the Mayo Clinic and Geisinger, has raised $ 91.9 million in financing to date. This includes $ 43 Million Series B Funding Round it was announced in April, including investments from OSF HealthCare, based in Peoria, Illinois, and venture capital firm LRVHealth.
Mobile health app companies including Current Health have raised $ 4.1 billion in venture capital from investors this year, according to market research firm Mercom Capital Group. That’s nearly a fifth of the $ 23 billion total venture capital raised by the digital health sector as a whole in the first three quarters of 2021.
Best Buy previously acquired GreatCall and Critical Signal Technologies, citing seniors preferring to age at home. Over the past two years, interest in receiving home health services among patients of all ages has grown, as healthcare workers tried to keep patients at home and outside the hospital in the early days of the COVID-19 pandemic.
Best Buy, based in Richfield, Minnesota, said it plans to close its acquisition of Current Health by the end of fiscal 2022 in early 2022. The company did not disclose the financial details of the deal, but in innings The Securities and Exchange Commission said it plans to fund the acquisition in cash.
Best Buy had revenue of $ 11.8 billion in August. for the second quarter of the fiscal year, which ended in July, an increase of 19.6% over the same period last year, and operating income of 797 million US dollars, an increase of 40.3%.