Communications - Tuesday, March 27, 2007
BestBuy M&A: This Time Its DSL/VoIP's Speakeasy For $97M
BestBuy's [NYSE: BBY] acquisition of GeekSquad has been a financial success for the company and it is hoping to follow on with a buy-out of Speakeasy. BestBuy has paid $97M or 1.2X Speakeasy's 2006 revenue of $80M.
Founded in 1994 in Seattle as an Internet cafe chain, Speakeasy has morphed and employs 300 people and more than 40K customers.
Speakeasy was backed by BV-Cornerstone Ventures, Granite Ventures and 3i but given the multiple paid here this seems like one where they are just happy to get it off the books.
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