Best Buy on Tuesday announced plans to acquire Current Health, a tech startup that develops tools for home health care.
The acquisition supports the consumer electronics retailer’s continued push into the home health care market.
“The future of consumer technology is directly tied to the future of healthcare,” said Deborah Di Sanzo, president of Best Buy Health, in a press release. “By combining Current Health’s remote care management platform with our existing health products and services, we can create a holistic care ecosystem.”
Current Health, a UK-based startup founded in 2015, sells platform with remote patient monitoring, telehealth and patient engagement tools to healthcare and pharmaceutical organizations for care programs remote, home hospitalization and decentralized clinical trials. The platform allows patients to report data and integrates data from portable devices.
Current Health, which counts health systems like the Mayo Clinic and Geisinger among its clients, according to its website, has raised $ 91.9 million in funding to date. This includes a $ 43 million Series B funding round announced in April, which included investments from Illinois-based OSF HealthCare and venture capital firm LRVHealth.
Mobile health app companies, including Current Health, have so far raised $ 4.1 billion in venture capital from investors, according to data from Mercom Capital Group, a market research firm. This is almost a fifth of the total of $ 23 billion in venture capital raised by the digital health sector as a whole in the first three quarters of 2021.
Best Buy has previously acquired GreatCall and Critical Signal Technologies, citing the preference of the elderly for aging at home. This interest in receiving health services at home has grown among patients of all ages over the past two years, as health care providers sought to keep patients at home and out of hospital at the same time. start of the COVID-19 pandemic.
Best Buy, based in Richfield, Minnesota, said it plans to complete the acquisition of Current Health by the end of its 2022 fiscal year, which will be at the start of the 2022 schedule. disclosed financial details of the transaction, but in a file with the Securities and Exchange Commission said it planned to fund the acquisition in cash.
Best Buy reported $ 11.8 billion in revenue in August for the second quarter of its fiscal year, which ended in July, up 19.6% year-over-year, and 797 million dollars in operating income, up 40.3%.