In a move to strengthen its small business sales, Best Buy has agreed to buy Speakeasy, a provider of broadband voice, data and IT services, for $97 million.
Best Buy expects to close the sale during the first quarter of fiscal 2008. The buying price represents 1.2 times Speakeasy’s $80 million revenue for 2006. Speakeasy will retain its name and operate as a wholly owned subsidiary under the Best Buy for Business Unit.
“By joining forces with Speakeasy … 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. “For small businesses and tech-savvy professionals, Speakeasy offers innovative IT and communications services, backed by outstanding network reliability and terrific customer support.”