Best Buy is a multinational retailer specializing in technology and entertainment products and services. Founded in 1966 and headquartered in Litchfield, Minnesota, the company operates a diverse portfolio of brands, including Best Buy, Geek Squad, and Magnolia Audio Video, among others. With over 155,000 employees, Best Buy engages customers through retail locations, online platforms, and various in-home services. Its extensive product range includes consumer electronics such as televisions, cameras, and audio systems, as well as mobile devices, computers, and appliances. Best Buy also offers services like product repair, service contracts, and installation for home theater and mobile audio systems. The company has seen significant growth in its e-commerce segment, which has become an increasingly important part of its sales strategy, accounting for a substantial share of its revenue. Best Buy maintains a strong presence in North America, with a market share that positions it as a leading player in the consumer electronics space.
Executive Vice President and Chief Strategy Officer
21 past transactions
Current Health
Acquisition in 2021
Current Health help healthcare reduces risk & cost by monitoring, managing, and engaging patients at home.
Critical Signal Technologies
Acquisition in 2019
Founded in 2006 by security and medical monitoring expert Jeffery S. Prough, Critical Signal Technologies is dedicated to helping our clients stay safe and healthy in their homes. As the nation’s largest independent provider of Personal Emergency Response Systems and as one of the most innovative and respected providers of TeleHealth monitoring services, CST is committed to being Your Link to Life.
Swirl Networks
Acquisition in 2019
Swirl is an in-store mobile marketing platform provider that is helping retailers leverage the power of mobile to attract and influence consumers while they shop in retail stores. The company's indoor location-based marketing platform allows retailers to deliver highly targeted messages, content and offers to consumer smartphones while they shop in specific areas of the store. The platform combines patent-pending indoor location beacons with cloud-based marketing campaign management services and a software development kit that allows retailers to add an in-store mobile experience to any existing mobile app.
Lively
Acquisition in 2018
Lively’s is a leader in connected health for active aging. With health and safety solutions for older adults and their family caregivers, GreatCall’s innovative suite of mobile products and award-winning approach to customer care helps aging consumers live more independent lives. Products and services include: Lively Mobile, Lively Wearable, Lively Home, Jitterbug Smart2, Jitterbug Flip and health, safety and medical apps such as Urgent Care, GreatCall Link, MedCoach and 5Star. On December 20, 2016, GreatCall acquired Healthsense, the leading provider of passive remote monitoring services for the senior care continuum. The acquisition greatly expands GreatCall's portfolio of connected health services for senior living and healthcare. GreatCall is a wholly-owned subsidiary of Best Buy.
AddStructure
Seed Round in 2017
AddStructure Inc. is a technology company based in New York that specializes in developing a platform for retailers, leveraging artificial intelligence, machine learning, and natural language processing. Founded in 2014, the company offers several key products, including Signal, a plugin that enhances search relevance; Path, which generates search engine optimized landing pages; and Scaffold, an API that supports various search and discovery applications. These tools are designed to help retailers improve their search capabilities and increase organic traffic without the need for extensive engineering resources. AddStructure's technology also enables conversational commerce, allowing consumers to interact with intelligent digital assistants for product discovery and purchasing. As of February 2018, AddStructure operates as a subsidiary of Bazaarvoice, Inc.
Zubie
Seed Round in 2012
Zubie is a connected vehicle services company that offers a platform designed to deliver essential vehicle health, location, and safety information to both consumers and businesses. By utilizing a plug-in device known as the Zubie Key, users can easily access and monitor their vehicle data through mobile applications available for iOS and Android. The service provides insights into fuel efficiency, location tracking, and driving behavior, which helps businesses enhance vehicle maintenance, prevent accidents, and optimize fleet operations. Zubie's subscription model includes the Zubie Key, mobile apps, and an online web portal, catering to the needs of both individual consumers and commercial fleets.
mindSHIFT Technologies
Acquisition in 2011
mindSHIFT creats a managed IT environment where leading technology resources and proactive management are available and affordable for organizations of all sizes. mindSHIFT is accredited by the MSP Alliance, the international organization of managed services providers. As a member of the Managed Services Accreditation Program, mindSHIFT counts itself as one of the top managed IT services providers in the world.
Partsearch Technologies
Acquisition in 2011
Partsearch Technologies operates an online platform specializing in replacement parts for consumer electronics and home appliances. Founded in 2000 and based in Litchfield, Minnesota, the company offers a comprehensive catalog that includes parts and accessories for various categories such as electronics, appliances, computers, and home improvement products. In addition to its retail operations, Partsearch provides parts procurement services to retail partners, warranty administrators, and independent contractors, enhancing the repair and maintenance process for customers. The company serves a diverse clientele across service, warranty repair, retail, and consumer markets, emphasizing accessibility and affordability in its offerings.
SiBEAM
Funding Round in 2010
SiBEAM is a fabless semiconductor company specializing in millimeter wave technologies and high-speed wireless communications. It is known for pioneering 60 GHz chipsets using CMOS technology, which has enabled the development of its WirelessHD applications. SiBEAM offers a range of products, including RF CMOS semiconductors, wireless high-definition transmitter and receiver chipsets designed for various devices like DVD players, set-top boxes, and media center PCs. Additionally, the company provides low-power transmitter and receiver chipsets, as well as a WirelessHD Development Kit to assist in integrating its solutions into wireless communication products. SiBEAM's innovative technology caters to the growing demand for high-bandwidth services across multiple consumer electronics.
Five Star Appliance
Acquisition in 2009
Five Star is the third largest retailer of consumer electronic appliances in China and is headquartered in Nanjing. Its sales revenue was 23 billion yuan in 2008. Five Star has opened 170 stores in seven provinces across China (Jiangsu, Anhui, Zhejiang, Shandong, Henan, Sichuan and Yunnan) and employs more than 8,000 people.
Dealtree
Acquisition in 2008
Acquired by Best Buy in 2008, Dealtree is the technology backbone of Best Buy's consumer returns, trade-in programs and liquidation channels.
Napster
Acquisition in 2008
Napster is a provider of subscription-based digital music services that offers users ad-free access to millions of songs. The platform allows members to enjoy unlimited on-demand music from various devices, including laptops, smartphones, and Internet-connected home stereo systems. In addition to music, Napster provides features such as playlists, reviews, and radio stations, enhancing the overall music experience. The service is accessible online and is available in several countries, including the United States, Canada, Germany, and the United Kingdom. As a wholly-owned subsidiary of Best Buy, Napster focuses on creating engaging ways for users to discover, share, and enjoy music anytime and anywhere.
Mydeo
Series A in 2007
Mydeo is the social video site which now serves as the architecture for Best Buy's video sharing service. Best Buy Video Sharing is a subscription-based service for users to upload their personal videos for storage, but also allows them to share select videos on web sites and blogs, while controlling who views the video. Out of all the social video sites in America, Best Buy chose Mydeo which operates in Wimbledon Britain. Mydeo's foundations in Microsoft Movie Maker suggest that there was possibly an introduction between Mydeo and Best Buy from Microsoft. Best Buy owns a minority share as by terms of their partnership. Best Buy, the largest electronics retailer in the US, sells around a third of all video cameras sold each year. Significantly, a large percentage of those are sold to Mydeo's target audiences of families and small businesses, who tend to use Movie Maker.
Avnera
Series C in 2007
Avnera Corporation specializes in designing and developing analog system-on-chip (ASoC) technology products for the consumer audio industry. The company creates highly integrated application-specific integrated circuits (ICs) tailored for various audio and voice applications, including gaming headsets, home theater systems, and wireless microphones. Avnera's expertise lies in analog and mixed-signal circuit design, allowing it to combine diverse circuit types onto a single chip, which enhances performance while reducing system costs. Its product offerings encompass wireless audio ASoC devices, sound processors, and digital signal processing solutions. Avnera's customer base includes notable brands such as Logitech, Panasonic, and Polycom. Established in 2003 and headquartered in Beaverton, Oregon, Avnera operates as a subsidiary of Skyworks Solutions.
Speakeasy
Acquisition in 2007
Speakeasy is one of the nation's leading broadband voice (VoIP), data and IT service providers. Speakeasy helps small businesses succeed by offering simplified voice and data solutions that improve the customer experience, increase employee productivity and help cut costs. Based in Seattle, Speakeasy has provided award-winning customer service since 1994 and joined the Best Buy family of companies in April 2007, working with Best Buy For Business to champion technology for small businesses throughout the U.S.
Jiangsu Five Star Appliance
Acquisition in 2006
Jiangsu Five Star Appliance Co., Ltd. is a prominent retailer of household appliances and consumer electronics in China, ranking as the fourth-largest in the sector. Founded in 1998 and headquartered in Nanjing, the company operates a chain of retail stores that offer a diverse range of products, including air-conditioning units, audio and video equipment, general appliances, and digital communication devices. In addition to its physical stores, Five Star maintains an online presence and implements industry-leading loyalty programs to enhance the shopping experience for customers. As of July 2020, Jiangsu Five Star Appliance operates as a subsidiary of JD.com, Inc.
Pacific Sales
Acquisition in 2006
Pacific Sales Kitchen and Bath Centers, the nation's 10th largest white-goods dealer.
Geek Squad
Acquisition in 2002
Geek Squad is the first national 24-hour task force dedicated to solving the world's technology challenges. Comprised of highly skilled and specially trained computing Agents, home entertainment installers (GSIs), AutoTechs and appliance repairers (GSRs), 20,000 active Geek Squad technicians patrol Geek Squad precincts in all U.S. Best Buy stores, at Geek Squad stand-alone U.S. store locations and at service centers nationwide.
Magnolia Hi-Fi
Acquisition in 2000
Magnolia Hi-Fi sells audio, TV and video, furniture, home integration, and accessories.
Musicland Stores Corporation
Acquisition in 2000
Minnesota-based Best Buy is the leading consumer electronics retailer in the United States, far outpacing archrival Circuit City Stores
Simplexity
Series B in 2000
Simplexity is changing the way telecommunications are bought and sold. The Simplexity.com website, and Simplexity's unique and powerful XACTtm architecture, have attracted major telecommunications carriers and strategic partners. The company's mission is to help bring clarity to the complex and confusing telecommunications marketplace. Simplexity enables users to learn about and compare the thousands of options available to them and enables carriers to interact directly with small and medium businesses, the fastest growing but most fragmented segment of the telecom market.
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