Best Buy to acquire GreatCall in expansion of Assured Living unit
Best Buy has agreed to buy GreatCall, a San Diego-based provider of Jitterbug smartphones and other health and emergency response electronics for seniors, from buyout firm GTCR for $800 million in cash.
Why it matters: America's aging demography — and corresponding care spend — is pushing tech companies to develop products for seniors, whereas they've traditionally focused more on younger, earlier adopters.
The backdrop: GTCR acquired the company just 14 months ago and wasn't looking to sell, but managing director Dave Donnini tells Axios that Best Buy reached out and was "very persistent."
The bottom line: "The GreatCall devices will be part of Best Buy’s new Assured Living unit, which sells networked products like smart doorbells and bed sensors in 21 markets to remotely monitor the health and safety of aging Americans." — Matthew Boyle, Bloomberg