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.
This press release contains forward-looking statements and financial outlook that involve risks and uncertainties. These forward-looking statements and financial outlook relate to, among other things, the expected performance, functionality and availability of the Company’s services and products, and other expectations, intentions and plans contained in this press release that are not historical facts. When used in this press release, the words “plan,” “expect,” “believe” and similar expressions generally identify forward-looking statements. These statements reflect the Company’s 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, readers of the press release should understand that Absolute cannot assure them that the forward-looking statements and financial outlook contained in this press release will be realized. Furthermore, the forward-looking statements and financial outlook contained in this press release are made as of the date hereof and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements and financial outlook, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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