Absolute Software Acquires FailSafe and Freeze Anti-Theft Assets from Phoenix Technologies
Transaction extends Absolute’s leadership position in anti-theft market
Vancouver, Canada: April 8, 2010 – Absolute® Software Corporation (“Absolute” or the “Company”) (TSX: ABT), the leading provider of firmware-based, patented, computer theft recovery, data protection and secure IT asset management announced today that on April 7, 2010 it purchased the technology assets of FailSafe® and Phoenix Freeze™ from Phoenix Technologies Ltd. (Nasdaq: PTEC).
FailSafe is a competitive theft deterrence product that provides users the ability to protect, track, and manage their laptop and its files if it is ever lost or stolen. Freeze allows users to lock and unlock an XP or Vista based laptop when they walk away from it and unlock it when they return. Freeze is Bluetooth®-enabled; once a user steps out of the "zone of safety" their laptop is locked and their data protected. Absolute will integrate certain components of the acquired technology into its industry leading Computrace® LoJack® for Laptops solution to extend its data protection and theft recovery capabilities.
"This asset acquisition enhances our competitive position in the market and reaffirms our commitment to the anti-theft space," said John Livingston, CEO. "These two products provide some additional features we can incorporate into our existing suite of services. We will also use this acquisition as an opportunity to expand our computer manufacturer (OEM) relationships and embedded positions. We have long valued our OEM relationships and the acquisition of FailSafe and Freeze solidifies our leadership position with these key partners."
Under the terms of the asset purchase agreement, Absolute paid approximately US$6.9 million in cash.
About Absolute Software
Absolute Software Corporation (TSX: ABT) is the leader in tracking, managing and protecting computers and mobile devices. The Company's Computrace, Absolute Manage and LoJack® for Laptops solutions provide theft recovery, data protection and computer lifecycle management capabilities to organizations and consumers. The Company's software agent is embedded in the firmware of computers by global leaders, including Acer, ASUS, Dell, Fujitsu, General Dynamics Itronix, HP, Lenovo, Motion, Panasonic and Toshiba, and the Company has reselling partnerships with these OEMs and others, including Apple. For more information about Absolute Software, please visit www.absolute.com and http://blog.absolute.com.
This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements relate to, among other things, the expected competitive advantage the Company will gain through the acquisition of the aforementioned assets (including the Company’s ability to expand its relationships with OEM customers and the Company successfully integrating certain product features from the acquired assets into its existing product offerings), the performance, functionality and availability of our services and products, and other expectations, intentions and plans contained in this press release that are not historical fact. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements.
These statements reflect our current expectations. They are subject to a number of risks and uncertainties, including, but not limited to, changes in technology and general market conditions. In light of the many risks and uncertainties you should understand that we cannot assure you that the forward-looking statements contained in this press release will be realized. Readers should refer to the items under “Risk Factors” in the Company’s Annual Information Form (AIF) for the year ended June 30, 2009. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this press release are made as at the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
©2010 Absolute Software Corporation. All rights reserved. Computrace, Absolute and Secure Asset Tracking are registered trademarks of Absolute Software Corporation. LoJack is a registered trademark of LoJack Corporation, used under license by Absolute Software Corporation. LoJack Corporation is not responsible for any content herein. Computrace U.S. patents No. 5,715,174, No. 5,764,892, No. 5,802,280, No. 5,896,497, No. 6,244,758, No. 6,269,392, No. 6,300,863, and No. 6,507,914. Canadian patents No. 2,284,806 and No. 2,205,370. U.K. patents No. EP793823 and No. GB2338101. German patent No. 695 125 34.6-08. Australian patent No. 699045. Japanese patent No. JP4067035. The Toronto Stock Exchange has neither approved nor disapproved of the information contained in this news release.
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