Best Buy (NYSE: BBY) recently released a statement announcing that it will be purchasing U.K.-based "care-at-home technology platform" Current Health as a part of the company's goal of "bringing quality healthcare into the home".
The financial details of the purchase, which is expected to be finalized by the end of the year, have not been disclosed.
"The future of consumer technology is directly connected to the future of healthcare," Deborah Di Sanzo, President of Best Buy Health, is quoted in the statement.
Best Buy CEO Corie Barry has repeatedly described the at-home health care sector as a growth opportunity for the company. Barry points to the current trend of aging in the home rather than in care facilities, the skyrocketing cost of healthcare, and the popularity of health-tech products like smart watches as being in the company's favor.
"We have the distinct expertise in helping customers make technology work for them directly in their homes," Sanzo said. "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."
Current Health supports remote patient monitoring and other forms of telehealth. Its remote monitoring includes wearable biosensors that can alert a physician to emergencies and give them vital information about the patient's condition.
"We started Current Health to make that exciting transition [to healthcare in the home] radically easier for healthcare providers to achieve," Christopher McCann, CEO of Current Health, said in the statement. "Best Buy has unparalleled physical reach, world-class supply chain logistics, and trusted support services-allowing us to provide a high-touch consumer experience, at scale. We're excited to join with Best Buy Health to move safe and effective healthcare into the home globally."
Since the Tuesday announcement last week, Best Buy shares peaked at $114.58 on Friday, up from Monday's high of $109.75.
This isn't Best Buy's first foray into the healthcare sector. In 2018, Best Buy purchased digital healthcare company GreatCall for $800 million. GreatCall offered a number of products and services for seniors aging at home.
The importance of telehealth has only increased since 2018, with the COVID-19 pandemic being a driving force. The aging Baby Boom generation is also increasingly interested in at-home healthcare, pumping in revenue.