Palm Starts Investment Company:
SANTA CLARA, Calif., Sep 06, 2000 (AP Online via COMTEX) -- Handheld computer maker Palm Inc. said Wednesday
it is forming an investment division to accelerate the growth of what it calls the Palm economy - technologies and products designed for its operating system.
Palm Ventures will make strategic investments in startup companies that are developing products supporting the Palm platform. The Santa Clara-based company, the leading maker of handheld computers, is initially investing about $50 million in the new division.
"With this and other efforts, Palm will continue to encourage entrepreneurial activity that has made the Palm economy so vibrant," said Doug Solomon, Palm's chief strategy officer. Companies backed by Palm Ventures will have a chance to work with Palm and leverage the resources Palm has to offer, he added.
Palm holds more than 65 percent of the worldwide market for personal handheld computers. Market researchers expect global sales of all handhelds to quadruple in the next three years to 32 million units, worth $7.2 billion.
Shares of Palm were down $1.02 to $40.88 Wednesday on the Nasdaq Stock Market. |
