Acer multinational hardware and electronics corporation specializing in advanced electronics technology was founded in 1976 in Hsinchu City, Taiwan. The company that is now Acer was began with 11 employees and $25,000 capital. They started off distributing electronic parts and consulting on micro-processor technologies. After becoming the Micro-Professor MPF-I training kit, it produced two Apple II clones, the Microprofessor II and III before joining the emerging IBM PC compatible market and becoming a significant PC Manufacturer. The company was renamed Acer in 1987. It has developed a new business entity, dedicated to the integration of cloud services and platforms, as well as to developing smartphones and wearable devices.