Taiwanese smartphone maker HTC Corp said it will buy a 17.1 percent stake in a U.S. next-generation enterprise platform company for $35.4 million in order to enhance service offerings to its mobile enterprise customers.
"The investment will bring social, mobile, and cloud capabilities to HTC's portfolio of service offerings to its mobile enterprise customers," HTC said in a statement on Monday.
The target company, Magnet Systems, headquartered in Silicon Valley, is a platform builder of a next-generation enterprise applications that accelerates the development and delivery of mobile enterprise applications, according to HTC.
Shares of HTC shed 4.2 percent on Monday, versus a 0.48 percent decline in broader market.
(Reporting by Clare Jim; Editing by Ed Lane)