HTC has bought a $40 million stake in cloud-based online gaming company OnLive just one day after it acquired mobile content company Saffron Digital.

HTC is buying 5.3 million of OnLive’s shares at $7.50 a piece as part of its bid to keep its mobile content technology abreast of rival smartphone makers like Apple and Samsung. OnLive specializes in on-demand video games on a variety of platforms, including its proprietary game consol, personal computers and the iPad.

On Monday, HTC said it had acquired Saffron Digital for $48 million. Saffron provides media and digital content services to several key players in the wireless industry, including LG, Sony Ericsson, T-Mobile, Nokia, Samsung and HTC.

“Saffron Digital has developed an incredible expertise in mobile multimedia delivery. This ability to deliver optimized content in the future will be a key asset as content becomes more and more complex and localized,” said HTC CEO Peter Chou in a statement yesterday.

Saffron will continue to support its existing customers after its acquisition by HTC; its management team will be left unchanged, and its corporate headquarters will remain in London and Los Angeles.