One of the biggest manufacturers of handled devices and mobile phones, Palm Inc. has finally decided that, it’s in the murky swamp of financial loss and diminishing user base. It seems that, Palm has finally accepted the inevitable and as per reports, the company has put itself up for sale and is now seeking bids for the take over. Palm is currently employing the help of Goldman Sachs Group Inc and Qatalyst Partners in an effort to find buyers and secure bids for the transaction and as per sources, mobile device giant HTC and leading computer hardware manufacturing firm, Lenovo have already expressed their interest and could post a bid very soon.
Since the beginning of the year 2010, Palm Inc. has witnessed a drastic fall in the value of its share, amounting to a 60 percent drop, especially after the botched efforts from the company to make the Palm Pre and Palm Pixie mobile phones capture a share of the blossoming mobile phone market. Jon Rubinstein, the CEO of Palm Inc. who was the leading force behind the company’s new mobile operating system, had hoped to attract users on the basis of an all new OS, but his vision did not turn into a reality. At present, Palm Inc. is valued at whopping $870 million and whosoever purchases the company would most probably acquire a well developed platform, that would enable the new owner to dive into the smart phone business, all guns blazing, against some of the most established entities such as Apple Inc. (iPhone) and Research In Motion (Blackberry).
Furthermore, the new owner will also inherit the numerous patents under Palm’s belt, that consists patents for hardware, software and power-saving technologies. Palm Inc. that was founded in the year 1992, become well renowned for its handheld organizers, such as PalmPilot devices.
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