Acer Inc. (/'e?s?r/ or /'æz?r/; Chinese: ????????; pinyin: Hóngqí Gufèn Youxiàn Gongsi, lit. Hongqi Corporation Ltd.; commonly known as Acer, stylised as acer, or formerly as acer & AceR) is a Taiwanese multinational hardware and electronics corporation specialising in advanced electronics technology and is headquartered in Xizhi, New Taipei City, Taiwan. Acers products include desktop and laptop PCs, tablet computers, servers, storage devices, Virtual Reality devices, displays, LED, LCD and plasma televisions, smartphones and peripherals. It also provides e-business services to businesses, governments and consumers. In 2015, Acer was the sixth-largest personal computer vendor in the world. In the early 2000s, Acer implemented a new business model, shifting from a manufacturer to a designer, marketer and distributor of products, while performing production processes via contract manufacturers. In addition to its core business, Acer owns the largest franchised computer retail chain, AcerLand. Acer was founded by Stan Shih (???), his wife Carolyn Yeh, and a group of five others as Multitech in 1976, headquartered in Hsinchu City, Taiwan. It began with eleven employees and US$25,000 in capital. Initially, it was primarily a distributor of electronic parts and a consultant in the use of microprocessor technologies. It produced the Micro-Professor MPF-I training kit, then 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.