The company that kickstarted the age of the personal digital assistant (PDA), Palm, is reportedly up for sale after falling to make much impression against rivals with its hyped Pre smartphone.

According to Bloomberg, Palm is working with Goldman Sachs and Frank Quattrone's Qatalyst Partners to find a buyer, with early interest coming from HTC and Lenovo.

No mention was made of the possible price for the company whose two assets remains its WebOS software and flair for making generally well-received devices such as the more recent Palm Pre Plus.

In February, however, the company admitted that the Pre had not been the sales success it had hoped for, at which point questions were raised as to the company's long-term future.

Apart from its role as the creator of the Palm Pilot in the mid-1990s, the company is now also notable for its famous investor, musician Bono, whose investment company Elevation Partners pumped $400 million into it in the two years before the Pre's launch.

Who might buy Palm, and why, remains a mystery. Competition with the Palm platform remains intense with Apple, Nokia, Microsoft, Blackberry and the more recent Google Android platform all have established user bases and deep pockets. Palm increasingly looks like the sixth name ready to fall off the wall.