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HTC Invests in Magnet Systems, Loses Big on OnLive

Article Comments  9  

Aug 20, 2012, 8:03 AM   by Eric M. Zeman   @phonescooper
updated Aug 20, 2012, 8:38 AM

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.

more info at Reuters »
more info at HTC »

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Comments

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Haggard

Aug 20, 2012, 2:08 PM

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Yeah that Onlive system just blew them out of the water. It was a good idea but no needs when you can get current consoles.
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Try playing Madden 2012....the first thing you see before you do anything is a message saying 'connecting to EA Sports servers'...and you can't play it until that connection is established....
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