Best Buy Acquires IT Services Company mindSHIFT For $167 Million
Best Buy this morning announced its acquisition of mindSHIFT Technologies, which provides managed IT, cloud, data center and other professional services to small and mid-sized businesses all across the United States, for $167 million. mindSHIFT is said to serve more than 5,400 clients and 25,000 managed desktops nationwide.
According to a press statement, mindSHIFT will continue to operate under its current name and management team. All 500 employees – who work from mindSHIFT’s offices in Boston, Long Island (NY), Minneapolis, Morrisville (NC), New York City, Philadelphia and Washington (DC) – will be making the transfer to Best Buy.
Here’s how the retail giant pitches its acquisition of mindSHIFT:
“The combination of mindSHIFT ‘s capabilities and Best Buy’s points of distribution through its retail, Geek Squad services and Best Buy For Business operations is expected to create a competitive advantage that would provide an opportunity for the two companies to capture greater share within the estimated $40 billion small and mid-sized business MSP market.”
The acquisition is reminiscent of Best Buy’s purchase of Geek Squad (2002).
The transaction is expected to close by year’s end, subject to customary closing conditions.
The news comes on the same day as Best Buy’s unceremonious exit from the UK.
Crunchbase
- MINDSHIFT TECHNOLOGIES
- BEST BUY
mindSHIFT Technologies
mindSHIFT.com
November 7, 1999
$18M
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.
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Best Buy
bestbuy.com
NYSE:BBY
Best Buy Co., Inc. operates as a specialty retailer in the United States, Canada, Mexico, China, and Europe. It offers consumer electronic video products, such as televisions, digital cameras and accessories, digital camcorders, and DVD players; and audio products comprising MP3 players, navigation products, home theater audio systems and components, and mobile electronics. It also offers home office products comprising notebook and desktop computers, monitors, mobile phones and related subscription service commissions, hard drives, and networking equipment; entertainment software…
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