Best Buy is most well known for being a retailer that services the consumer electronics market but with two of its closest competitors, CompUSA and Circuit City, closing down stores, Best Buy is looking to expand into a more profitable sector: Small Business.
If you have not already heard of Best Buy For Business, you soon will as they have just acquired broadband service provider Speakeasy for $97 million. Last year Speakeasy employed 300 people, had over 40,000, and generate revenue of $80 million. It will now become a wholly owned subsidiary of Best Buy.
"Best Buy For Business is all about helping small businesses grow or operate more efficiently through technology. By joining forces with Speakeasy, a company with a true passion for helping entrepreneurs run their businesses, we are making technology more accessible to small businesses by creating a single source for their IT needs," said Darren Jackson, Best Buy executive vice president and CFO, in a statement. "With Speakeasy in our portfolio, we are better equipped to provide our small business customers with one-stop shopping for all of their technology needs."
The point of the acquisition? Position Best Buy as a champion of small business IT and communications solutions, simplify technology for entrepreneurs, make it accessible, and improve business performance.
Labels: Best Buy, Best Buy for Business, champion of small business, Circuit City, CompUSA, Darren Jackson, improve business performance, simplify technology, Speakeasy
