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

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 that is backed by Andreessen Horowitz, among others. HTC says that 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.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/9KzkMnE6LsI/

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