Best Buy has agreed to buy GreatCall, the maker of senior-focused Jitterbug mobile phones, from buyout firm GTCR for a whopping $800m.
According to The Wall Street Journal, the move is part of an effort to up investments in technology that addresses the needs of the world’s increasing elderly population.
The Best Exotic Marigold Hotel for tech seniors
In addition to its Jitterbug phones (which have become much more advanced since they hit the scene in 2006), GreatCall provides devices designed to help consumers connect with caregivers, emergency services, and ‘daily challenges’ for brain and body health.
David Inns, its chief executive, said the company is profitable with more than $300m in annual revenue and more than 900k subscribers.
What does Best Buy know that we don’t??
GTCR acquired GreatCall just 14 months ago, and word on the street is the buyout firm wasn’t even looking to sell, but according to managing director Dave Donnini, Best Buy reached out and was “very persistent.”
According to Axios, America’s “aging demography” is inspiring tech companies to develop products for seniors, instead of their traditional target — younger, sexier, early adopters.
The GreatCall devices will reportedly be part of Best Buy’s new Assured Living unit, which sells connected products like smart doorbells and bed sensors to remotely monitor the well-being of grams and gramps.