World VoIP NewsTop Palm investor dismisses takeover talkTop Palm investor dismisses takeover talk

Top Palm investor dismisses takeover talk


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Palm's top investor, Elevation Partners, said it was bullish about the company's long-term prospects and discounted market chatter about a possible takeover of the smartphone maker, which is trying to rebound on the back of its webOS platform.
Palm's top investor, Elevation Partners, said it was bullish about the company's long-term prospects and discounted market chatter about a possible takeover of the smartphone maker, which is trying to rebound on the back of its webOS platform.

"We haven't taken money off the table because we see a huge market opportunity here," Fred Anderson, a co-founder of the firm, told Bloomberg in an interview. "This is a marathon." Elevation invested $460 million in Palm from 2007 through 2009.

The defiant talk from Anderson comes a day after Google unveiled its flagship "superphone," the Nexus One, which has the backing of T-Mobile USA and Verizon Wireless. Anderson's remarks also precede a Palm press conference scheduled for Thursday at the Consumer Electronics Show in Las Vegas, where the smartphone maker is widely expected to announce a partnership with Verizon.

Anderson also acknowledged the importance of developers to Palm's webOS platform. "We have to establish a very strong developer ecosystem," he said. That requires "a critical mass of very high quality third-party applications." Currently, there around around 1,000 applications in Palm's App Catalog.

Anderson noted that Palm does not need to be acquired by a larger firm to be successful. "This market is so big that you can have multiple winners," he said.



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