Best Buy Drops Cloud UnitJanuary 21, 2014
Best Buy, which acquired cloud computing firm MindShift Technologies in 2011 with much fanfare and for $167 million, has sold off the unit, the Minneapolis Star Tribune reported.
Best Buy is selling the business to Ricoh for an undisclosed amount, because it was "outside the company’s main business of electronics retailing," spokesman Jeff Shelman told the paper:
“As we have made clear over the past year, our Renew Blue business transformation calls for greater focus on the core of Best Buy’s business,” Shelman said. “The sale of MindShift was made with that goal in mind.”
The news following Best Buy's reporting of lackluster sales anumbers for the holiday season.