HTC Invests in Magnet Systems, Loses Big on OnLive
HTC recently made a $35.4 million investment in a company called Magnet Systems. Magnet, which is based in Silicon Valley, develops and markets a platform for business applications. "The investment will bring social, mobile, and cloud capabilities to HTC's portfolio of service offerings to its mobile enterprise customers," said HTC in a statement. HTC's investment gives it a 17.1% stake in the company. At the same time, financial disclosures made by online gaming service OnLive show that HTC lost a $40 million investment due to OnLive's recent collapse. HTC said that it will be forced to write-down the investment in its next quarterly statement. HTC recently sold back about 50% of a $300 million investment it made in Beats Audio.