Page 2 of 2
Earlier this year, Chisholm told CRN that he wanted to differentiate mindShift in the public's eye as a service provider and not as a VAR because an MSP was a more valuable company description. At the time, mindShift had started to look for additional investors to fuel its growth.
"Best Buy in and of themselves can push a lot of hardware. They liked mindShift because we are a service provider. That's what they want, to develop more service capabilities," Chisholm said. "We had multiple companies interested in us and interested in what we were doing."
By the end of August, it became clear that Best Buy was the right fit for mindShift, Chisholm said. "We didn't look for a retailer per se, but rather an investor. We talked to many different types of companies but we felt Best Buy was the right choice," he said.
Meanwhile, Best Buy also announced it is buying out Carphone Warehouse in its mobile communications business in the United States for $1.3 billion.
Brian Dunn, CEO of Best Buy, said in a conference call that the pace of growth in communications and services in his first 40 months in the market was not where he wanted and that the acquisitions would help the company get there.
"We're taking Best Buy to where the growth is and where cusotmers need us to be. We're leading our company toward a vision of a connected world," Dunn said in a conference call with analysts. "The mindShift acquisition gives us an established presence in the SMB business, a growing and lucrative market."
Best Buy shares were trading at $26.40 Monday afternoon, down 91 cents or 3.3 percent per share. Best Buy expects the mindShift acquisition to close by the end of the year.