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 Limited, founded in 2014 and based in Edinburgh, United Kingdom, specializes in developing wearable healthcare devices that monitor patients' vital signs. These devices are designed to measure key health metrics such as oxygen saturation, respiration rate, pulse rate, temperature, motion, activity, and posture, allowing for the early identification of unwell patients and timely medical intervention. The company also offers a patient monitoring platform that facilitates home-based care by enabling patients to share daily activities, report symptoms, and respond to structured questionnaires for their healthcare providers. By focusing on remote patient management, Current Health aims to reduce healthcare risks and costs while enhancing patient engagement and monitoring. Formerly known as Snap40 Limited, the company rebranded in December 2018 to better reflect its mission.
Critical Signal Technologies
Acquisition in 2019
Critical Signal Technologies, Inc. is a health services company specializing in remote patient monitoring. Founded in 2006 and headquartered in Novi, Michigan, the company offers a comprehensive range of services, including personal emergency response systems, wellness concierge support, chronic disease management, and telehealth solutions. Its primary focus is to assist older adults, individuals with disabilities, and those managing chronic illnesses in maintaining their independence at home. Critical Signal Technologies employs a proprietary social work model that addresses the holistic needs of patients, aiming to enhance care quality, improve health outcomes, and reduce costs through user-friendly devices and dedicated monitoring by social workers. As of 2019, the company operates as a subsidiary of GreatCall, Inc.
Swirl Networks
Acquisition in 2019
Swirl is a provider of an in-store mobile marketing platform aimed at helping retailers enhance consumer engagement during the shopping experience. The company utilizes proprietary micro-location technology to deliver targeted messages, content, and offers to shoppers' smartphones based on their specific locations within the store. By integrating patent-pending indoor location beacons with cloud-based marketing campaign management services, Swirl enables retailers to create a personalized in-store mobile experience. Additionally, their software development kit allows retailers to incorporate these capabilities into existing mobile applications, ultimately increasing store traffic, customer engagement, and sales conversions.
Lively
Acquisition in 2018
Lively, a subsidiary of Best Buy, specializes in mobile health and safety solutions tailored for older adults and their caregivers. The company offers a range of products designed to promote independence and well-being among seniors, including the Lively Mobile and Lively Wearable devices, as well as the Jitterbug Smart2 and Jitterbug Flip phones. Its suite of mobile applications includes services such as Urgent Care, GreatCall Link, MedCoach, and 5Star, which provide medical assistance, medication management, and emergency response capabilities. With a focus on ease of use, Lively’s products feature senior-friendly hardware and one-touch connectivity to trained agents who can assist with emergencies and other needs. The company serves over 900,000 subscribers across the United States, aiming to enhance the quality of life for aging consumers through innovative technology and dedicated customer care.
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 Technologies specializes in managed IT services and cloud solutions tailored for small and medium-sized organizations. The company offers a comprehensive range of services, including information technology outsourcing, voice-over-internet protocol, off-site data backups, help desk support, remote access, and hosted exchange services. Additionally, mindSHIFT provides software-as-a-service (SaaS) solutions, e-business applications, managed hosting, archiving, server monitoring, and management. With a focus on creating affordable and proactive IT environments, mindSHIFT is accredited by the MSP Alliance and recognized as one of the leading managed services providers globally.
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
Dealtree, acquired by Best Buy in 2008, serves as the technological foundation for Best Buy's consumer returns and trade-in programs, as well as its liquidation channels. The company specializes in developing software products and services that facilitate the management of online auctions and streamline logistics and returns processing for used goods. This enables customers to receive efficient support in their product trade-in activities, enhancing the overall experience for both consumers and the retailer.
Napster
Acquisition in 2008
Napster is a provider of subscription-based digital music services that offers its members advertisement-free access to millions of songs. The company specializes in creating interactive music experiences, allowing users to discover, share, acquire, and enjoy music at any time and from various devices, including web browsers, smartphones, and home entertainment systems. With its platform, Napster enables users to access a diverse array of music, alongside personalized features such as playlists, reviews, and original content like videos and radio stations. Operating in the United States, Canada, Germany, and the United Kingdom, Napster is dedicated to delivering an intuitive music experience tailored to individual preferences. The company is a fully owned subsidiary of Best Buy, Inc.
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 a prominent provider of broadband voice, data, and IT services, focused on supporting small businesses in enhancing their operations. Based in Seattle, the company has been delivering award-winning customer service since its establishment in 1994. Speakeasy offers a variety of connectivity options, including DSL and Bonded T1 services, designed to simplify communication and data management for its clients. By providing comprehensive voice and data solutions, Speakeasy aims to improve customer experiences, boost employee productivity, and reduce operational costs. In April 2007, the company became part of the Best Buy family, collaborating with Best Buy For Business to promote technology solutions tailored for small businesses across the United States.
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 a national service provider specializing in technology support and maintenance. With a team of approximately 20,000 skilled technicians, including computing agents, home entertainment installers, and appliance repair experts, Geek Squad operates from precincts located in Best Buy stores, standalone locations, and various service centers across the United States. The company offers 24-hour assistance, addressing a wide range of technology challenges, from hardware and software issues to on-site repairs and tailored assessments. By delivering comprehensive IT maintenance services, Geek Squad aims to ensure that customers receive reliable and effective solutions to their technology needs.
Magnolia Hi-Fi
Acquisition in 2000
Magnolia Hi-Fi is a retailer specializing in audio, television, and video equipment, along with furniture and home integration solutions. The company offers a range of products designed to enhance home entertainment experiences, including various accessories that complement their core offerings. By focusing on quality and customer service, Magnolia Hi-Fi aims to provide comprehensive solutions for individuals looking to create immersive audio-visual environments in their homes.
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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