Best Buy Boosts its Technology Lineup for Seniors after Acquiring GreatCall for $800 Million
In August, Best Buy acquired GreatCall for $800 million in cash in an effort to sell more health and wellness products. GreatCall is a San Diego based company that provides mobile phone and connected health services to seniors. This is the second time in the last 14 months that GreatCall has changed ownership. Best Buy is focusing on technology and services targeting an aging population. Hubert Joly, chairman and chief executive of Best Buy, said the following in a statement,
We know technology can improve the quality of life of the aging population and those who care for them. 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.
According to Best Buy, there are 50 million Americans over age of 65, and that number is should increase by over 50 percent within the next 20 years. GreatCall has around 900,000 people subscribed nationwide to its mobile services that are tailored for the elderly and their family caregivers. GreatCall also provides 5Star emergency response, healthcare/medication reminder apps, and 24/7 access to a nurse or doctor and other services via a senior-centric wireless plan. GreatCall will maintain its San Diego headquarters, as well as its call centers in Carlsbad, California and Reno, Nevada. We will have to wait and see if Best Buy’s strategy of focusing on technology and services targeting an aging population pays off in the neat future.