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HTC to acquire 17.1% stake in Magnet for US$35.4 million

2012/08/20 21:27:23

Taipei, Aug. 20 (CNA) Taiwanese smartphone maker HTC Corp. announced Monday that it would invest US$35.4 million to acquire a 17.1 percent stake in Magnet Systems Inc., the developer of an enterprise mobile applications platform.

"The investment will bring social, mobile, and cloud capabilities to HTC's portfolio of service offerings to its mobile enterprise customers," the Taoyuan-based company said in a filing with the Taiwan Stock Exchange.

HTC said the leading-edge technologies at the heart of the San Francisco-based company's platform make it an ideal foundation for the applications and services that enterprises will be buying and building in the coming years.

The investment came less than a day after HTC announced that it expects to book an investment loss of US$40 million on its stake in U.S.-based cloud gaming service provider OnLive Inc., which announced over the weekend that it had restructured its assets.

HTC invested US$40 million in OnLive in February last year to be able to offer a wider range of services to its smartphone customers.

(By Jeffrey Wu)