Phoenix Technologies Ltd., a developer of device-enabling and management software products for connected digital devices, has signed an agreement to acquire StorageSoft, Inc., a software developer of hard drive utilities, based in Louisville, Colorado. With the acquisition, Phoenix will further expand its FirstWare product line and distribution channels in the "White Box" manufacturing, corporate, and PC system builder 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. StorageSoft's chief executive officer, 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.
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