Thread: [INFO] Palm Gets $100 Million Cash Infusion
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Old 12-24-2008, 03:15 AM
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Default Palm Gets $100 Million Cash Infusion
Smartphone maker Palm received a cash infusion from a venture capital firm on Monday that could lift the company from its sagging fortunes.

Under terms of the agreement, Elevation Partners will provide US$100 million and increase its investment in Palm. The investment comes at a time when Palm is struggling to remain a player in the mobile phone market, where it has been eclipsed by rivals Research In Motion and Apple. Palm's product offerings include the Centro and Treo smartphones.

"The additional capital from Elevation Partners will enable us to put added momentum behind the new product introductions scheduled for 2009 and will provide us with enhanced stability in unsettled economic times," Ed Colligan, Palm's CEO, said in a statement.

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