Private Equity Firm Invests to Palm & Adds Board Member from Ex-Apple
Palm is selling a 25 percent stake to private equity firm Elevation Partners for $325 million, and is bringing in Jon Rubinstein, who formerly ran the iPod division at Apple, as executive chairman of the board.
Palm’s latest product, the Foleo, a 2.5-pound Linux-based device, was was announced to some confusion recently, and analysts have been wondering whether the company can stay competitive in the fierce mobile market
Jon Rubinstein, who retired from Apple, pledged to bring Palm back to the forefront of mobile computing. “Approximately 1 billion cell phones are sold each year, and mobile computing is a category with enormous potential,” he said in a release. “This is a company with an impressive history of introducing game-changing products–it pioneered the smart phone–and I intend to help extend that legacy.”
[Source News.com]
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