Best Buy has reached an agreement to acquire mindShift Technologies, a managed service provider (MSP) for small and mid-sized businesses, for $167 million.

MindShift provides cloud services, data center services and professional services to more than 5,400 clients and 25,000 managed desktops in key markets throughout the United States. MindShift will continue to operate under its current name, management team and capabilities, which currently include 500 employees.

The transaction, which is expected to close on or around calendar year-end, is subject to customary closing conditions.

You may also be interested in:  Best Buy Buys Out Partner For $1.3 Bn, Revamps Worldwide Operations