Thursday, August 11, 2022
Home Tech News Best Buy reveals it bought Scottish medtech Current Health for $400m

Best Buy reveals it bought Scottish medtech Current Health for $400m

Edinburgh, UK-based remote health monitoring platform Current Health has confirmed that it was valued at approximately $400m (£300m) when it was recently acquired by US retail giant Best Buy.

Best Buy announced its all-cash acquisition of Current Health last month but did not disclose financial terms at the time. This week it confirmed the valuation during an earnings call, with the figure making Current Health Europe’s second-largest digital health exit.

Founded in Scotland in 2015 by CEO Christopher McCann and CTO Stewart Whiting, the medtech company brings together remote patient monitoring, telehealth, and patient engagement into a single platform for healthcare organisations.

The platform uses data gathered from a monitoring wearable device worn by patients to provide real-time insights into their condition.

“Significantly more care to be delivered at home in coming decade”

The acquisition follows Current Health’s $11.5m(£9m) Series A funding round in 2019 led by MMC Ventures. The VC has invested in the business since July 2018, including a pro rata contribution in Current Health’s $40m US Series B earlier this year.

The Series A funding facilitated the expansion of its US team, including a non-executive director Todd Rothenhaus, CFO John McLean and chief medical officer Adam Wolfberg. This and propelled partnership agreements with the Mayo Clinic and Dexcom – putting the company in a strong position ahead of the global coronavirus pandemic.

The Series B round provided $40 million from US healthcare VCs and existing investors to fund the company’s accelerating growth – with Best Buy approaching the company soon after.

“Over the coming decade, significantly more healthcare can be delivered in the home,” said Christopher McCann, CEO, Current Health. “We started Current Health to make that exciting transition radically easier for healthcare providers to achieve. We’re excited to join with Best Buy Health to move safe and effective healthcare into the home globally.”

Today, 13 of the largest healthcare systems in the US and UK – including Mount Sinai and Dartford & Gravesham NHS Trust – use Current Health to manage patient care.

Best Buy’s acquisition of Current Health marks the retailer’s latest move into home health services. In 2018 it acquired emergency response services company Great Call for $800m.

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