Best Buy acquires mindSHIFT for $167M, betting on the cloud

Electronics retailer Best Buy has become the latest business to take advantage of the burgeoning cloud services opportunity by reaching a deal to acquire managed service provider mindSHIFT Technologies for $167 million.

By purchasing mindSHIFT, the retailer believes it will be able further grow its IT service opportunities for small and mid-sized businesses.

Currently, the cloud provider serves over 5,400 customers and 25,000 managed desktops in major U.S. markets.

Best Buy will leverage its well-known brand to sell mindSHIFT's managed service offerings via its retail stores, Geek Squad services and Best Buy For Business operations.

"There's no question that acquiring the skills, capabilities and clients of mindSHIFT has the potential to help expand Best Buy's global services capabilities in the vast small and mid-sized business market," said George Sherman, senior vice president of Best Buy Services in a release announcing the deal. "As important, the mindSHIFT team will bring added experience, talent and resources to the remote support capability we have been building within our multi-channel tech service unit Geek Squad."

When the deal is completed at the end of the year, mindSHIFT will continue to operate under its current name, management team and capabilities. The provider currently has a staff of 500 employees that reside in offices in major cities including Boston, Long Island, N.Y., Minneapolis, Morrisville, N.C., New York City, Philadelphia and Washington, D.C.

For more:
- see the release
- Data Center Knowledge has this article

Related articles:
Twin Valley Telephone enters cloud service game via ISG acquisition
Warwick Valley Telephone bolsters cloud, CLEC vision with $17M Alteva acquisition
Windstream taps into the burgeoning hybrid cloud opportunity
Verizon beefs up data center power with Terremark purchase