HTC, $40M Down From OnLive, Puts $35.4M Into Magnet Systems For Enterprise Apps


TechCrunch

HTC, the troubled Taiwanese handset maker, today dealt its investors a one-two punch. The company will take a $40 million hit from its investment in the cloud-based gaming startup OnLive, but it will also be redoubling its efforts to find new sources of revenue, this time in enterprise services: it is making a $35.4 million investment in Magnet Systems, an enterprise applications startup backed by Andreessen Horowitz, among others.

HTC says it will take a 17.1% stake in the company, a Series B investment, equivalent to $35.4 million. To date, Magnet had raised $12.6 million led by Andreessen Horowitz in a Series A round. The investment announcement was first spotted by Reuters.

The move signals a new strategic interest for HTC, in the area of enterprise services, at a time when its investments in more consumer-focused services seem to be falling flat.

“The investment will bring social, mobile…

View original post 470 more words

Advertisements

join the discussion of this post

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s