GreatCall is being acquired by Best Buy Co. Inc. for $800 million in cash, the latter company announced Wednesday. The transaction is expected to close by the end of Best Buy’s fiscal 2019 third quarter.
GreatCall provides connected health and personal emergency response services to older adults and has more than 900,000 paying subscribers. Best Buy said the acquisition fits its “Best Buy 2020” strategy of addressing key human needs through technology, specifically focusing on the needs of the aging population.
“We know technology can improve the quality of life of the aging population and those who care for them,” Best Buy Chairman and CEO Hubert Joly said. “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.”
GreatCall will maintain its San Diego headquarters as well as its care centers in Carlsbad, CA, and Reno, NV. David Inns, who has been with GreatCall since its formation in 2006, will remain the company’s CEO.
“We are excited to partner with Best Buy to serve the active aging population on a bigger scale,” Inns said. “GreatCall is already a growing, profitable business, with annual revenue in excess of $300 million. By joining forces, we can do even more for this population, combining our products, services and expertise with Best Buy’s customer focus and scale to meaningfully expand our reach.”