Sony Invests U.S. $20 Million in Palm Subsidiary
Oct 8, 2002
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PalmSource, Inc., a subsidiary of hand-held device maker Palm, Inc., today announced that it has received a U.S. $20 million minority equity investment by Sony Corporation that will result in its ownership of about 6-percent share of PalmSource. The investment, combined with expanded business and technical collaboration agreements, will reportedly enhance both companies' strategic commitment to grow the Palm Economy.

PalmSource is a provider of operating systems for hand-helds and smart phones. Sony has been a Palm OS licensee since 1999, and with the introduction of its CLIE personal entertainment organizer product line, has brought to market some of the most innovative and successful Palm Powered products.

"The CLIE entertainment handheld with the Palm OS platform is a key product for the broadband era, through which users can enjoy a wide variety of content and services easily, anywhere, anytime. Our ongoing cooperative relationship with PalmSource will also advance the evolution of the Palm Economy," said Keiji Kimura, Corporate senior vice president of Sony Corporation and NC President of Sony Corporation Mobile Network Company.

"Sony's products stand for innovation and high quality worldwide," said David Nagel, president and chief executive officer of PalmSource, Inc. "We are delighted that Sony has chosen Palm OS as the platform for its handheld computing products and look forward to continued innovation and leadership resulting from this relationship."

PalmSource also said that Sony's investment is a further step toward establishing PalmSource as an independent company.

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