I was today-years-old when I found out about Best Buy’s “healthcare strategy.” 🤔 The retailer is acquiring Current Health, a privately-owned telehealth and remote patient-monitoring software company. Terms were not disclosed.
Best Buy has made two previous health-related acquisitions, both part of an effort to capitalize on a “high-growth sector.” In 2018, Best Buy acquired GreatCall, a company that makes cell phones and connected health devices for aging adults. In 2019, the company acquired Critical Signal Technologies. Both cater to the aging population.
Current goes a step further than the two previous acquisitions — Current allows for wearables and other health devices to provide doctors with up-to-the-minute patient data. Since seniors are less likely to be tech-savvy and extremely likely to rely on some sort of medical care as they age, Current’s ecosystem offers a lot of potential value. That value could be magnified by Best Buy’s reach in consumer electronics. 🤖 💰
$BBY stock closed +0.38% today on the news. It fell more than 1% in AH.