An unnamed investor is putting $US50 million into handheld device vendor Palm. The investor will in exchange receive a five-year convertible note at 5 per cent interest. The money will be used by Palm for general purposes, as well as for new initiatives in wireless technologies and for increasing sales to business leaders, including CEOs and chief technology officers, the vendor said. Kevin Burden, an analyst at IDC, said that handheld sales have been stagnant this year largely because innovations have been evolutionary rather than revolutionary, but that could change next year.
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