Acer was founded in 1976 in Hsinchu City, Taiwan. The company began with eleven employees and US$25,000 in the 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 Micro professor II and III-before joining the emerging IBM PC compatible market and becoming a significant PC manufacturer. The company was renamed Acer in 1987.