COMPANY PRESS RELEASE: Phoenix Technologies Ltd a global leader in device-enabling and management software products for connected digital devices, has announced that it has signed an agreement to acquire StorageSoft, a software developer of hard drive utilities, based in Louisville, Colorado.
With the acquisition, Phoenix will further expand its FirstWareTM product line and distribution channels in the White Box manufacturing, corporate, and PC system builder markets.
The StorageSoft acquisition will broaden Phoenix’s market by providing software for PC system builders and corporate IT managers to more easily configure, deploy, and manage PC’s. For example, the StorageSoft ImageCastTM product will enable these customers to rapidly set-up and duplicate hard drive images. Additional StorageSoft products provide the ability to configure new hard drives and legacy systems with FirstWare applications even for PC’s without Phoenix’s FirstWare-enabled BIOS.
This capability will benefit both branded OEM customers who have multiple outsourced manufacturing suppliers as well as the White Box and system builder customers. StorageSoft’s existing sales organization will strengthen Phoenix’s channel sales organization and expand its customer base into the System Integrator and corporate markets.
Under the terms of the agreement, Phoenix will acquire substantially all of StorageSoft’s assets for $6 million in cash and $6 million in Phoenix common shares. The transaction is expected to close later this month. Further details will be provided in a press release and a conference call that will be conducted when the transaction closes.
StorageSoft’s CEO, Steve Andersen, will become Vice President of Business Development and will report to Alan McCann, Senior Vice President and General Manager of Phoenix’s Corporate Marketing and Products Division. StorageSoft employees in product development, marketing and support roles will likewise report into this division. All sales and sales support staff will report into Phoenix’s global sales organization.