palm1 Smartphone Manufacturer Palm Seeks Buyer

Its been a while since we hear news from smartphone maker Palm, and today, the news from various sources cited something that isn’t at all pleasant; Palm is seeking buyers to take over the company.

According to BusinessWeek, Palm is working with Goldman Sachs Group Inc. and Frank Quattrone’s Qatalyst Partners to find buyer for the company. And it seems like HTC and Lenovo have looked at the company and may make offers.

Palm was founded in 1992 and  helped pioneer the market for handheld organizers with its PalmPilot devices. The company was acquired by U.S. Robotics, which was in turn purchased by 3Com Corp. 3Com spun off Palm in 2000.

Rubinstein joined the company after leading development of Apple’s best-selling iPod media player. He was recruited to Palm by Fred Anderson, Apple’s former finance chief and a co-founder of Elevation Partners.

The Pre was Palm’s first phone based on the WebOS operating system. It debuted in June 2009, followed by the smaller, cheaper Pixi in November. Both devices were sold in the U.S. exclusively by Sprint Nextel Corp. until Verizon Wireless began offering enhanced versions in January.

Source: BusinessWeek