Ricoh on Tuesday said it has acquired MindShift, which provides information technology services to small and mid-sized businesses, from Best Buy for an undisclosed sum.
For Ricoh, the move broadens its services footprint in the U.S. As for Best Buy, the sale of MindShift allows it to focus more on its core business.
Best Buy acquired MindShift in 2011 for $167 million. The plan at the time was to use MindShift to break into cloud services and target more SMBs. With MindShift, Best Buy was hoping to bolster its services business and give SMBs a trade-up opportunity from Geek Squad and Best Buy for Business.
MindShift is most likely a better fit for Ricoh, which has been beefing up its services division. MindShift brings 6,900 customers to Ricoh, which already has a services unit with 8,000 specialists.
With the MindShift purchase, Ricoh also gets expertise in industries such as legal, healthcare, financial services, education and non-profits. MindShift will keep its name, 650 employees and offices.
The deal is expected to close in February.