The big electronics retailer, Best Buy, has said that they will be acquiring the health tech company GreatCall for $800 million.
“We know technology can improve the quality of life of the aging population and those who care for them,” said Best Buy chairman and CEO Hubert Joly in the press release.
GreatCall is a leading provider of active aging and independent living solutions, with medical alert devices that allow safety for senior citizens. With Baby Boomers aging and more than 50 million Americans over the age of 65, Best Buy is looking to stay in line with their goals.
"The acquisition is a manifestation of the Best Buy 2020 strategy to enrich lives through technology by addressing key human needs,” written in the press release.
San Diego-based GreatCall was founded by inventor Arlene Harris in 2006 and currently has over 900,000 subscribers who pay for personal emergency response services for senior citizens.
"Now, we have a great opportunity to serve the needs of these customers by combining GreatCall's expertise with Best Buy's unique merchandising, marketing, sales and services capabilities," said Joy.
The acquisition is still subject to regulatory approvals, but expects to close the deal by end of its fiscal 2019 third quarter.
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