BlackBerry Limited, formerly known as Research In Motion Limited (RIM), is a Canadian telecommunication and wireless equipment company best known to the general public as the developer of the BlackBerry brand of smartphones and tablets, but also well known worldwide as a provider of secure & high reliability software for industrial applications and Mobile Device Management (MDM). BlackBerry’s software and hardware products are used worldwide by various government’s agencies and by car makers and industrial plants throughout the world, much of this activity being unseen by the public. The company is headquartered in Waterloo, Ontario, Canada. It was founded by Mike Lazaridis, who served as its co-CEO along with Jim Balsillie until January 22, 2012. In November 2013, John S. Chen took over as CEO. His strategy is to subcontract manufacturing to Foxconn, and to focus on software technology. Originally a dominant innovative company in the smartphone market for business and government usage, with 43% US market share in 2010, the company’s dominance in the US smartphone market has in recent years declined precipitously, in part because of intense competition from Google’s Android and Apple’s iPhone. Due to such competition, the company’s share in the US personal consumer market was reduced to 3.8% in 2013. On September 23, 2013 the company signed a letter of intent to be acquired for US$4.7 billion, or US$9 per share, by a consortium led by Fairfax Financial which has announced its intentions to take the company private. On November 4, 2013 the deal was scrapped in favor of a US$1 billion cash injection which, according to one analyst, represented the level of confidence BlackBerry’s largest shareholder has in the company. The majority of BlackBerry’s remaining value lies in innovation, one aspect being its patent portfolio, which has been valued at between US$2 billion and $3 billion.