Phoenix Technologies has announced that it has completed the sale of the assets related to its HyperSpace, HyperCore and Phoenix Flip instant-on and client virtualization products to HP.
Total consideration from the sale of the assets is $12.0 million, of which approximately $9.8 million was paid to Phoenix at the closing, after deducting certain fees and costs relating to the transaction, and $2.0 million which was placed into escrow to cover certain potential Company indemnification obligations.
“The completion of this transaction marks a major milestone for our Company as we refocus our efforts on our CSS business where we have a proven track record of success,” said Tom Lacey, President and CEO of Phoenix. “With this cash infusion, we are well poised to extend our CSS market leadership and improve our enterprise value.”
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