Phoenix Technologies Completes Acquisition of BeInSync
An Israeli-based provider of a solution that allows users to backup, synchronize, share and access their data online
This is a Press Release edited by StorageNewsletter.com on May 3, 2008 at 3:44 pmPhoenix Technologies, in core systems software, today announced it has completed its acquisition of BeInSync Ltd., an Israeli-based provider of an all-in-one solution that allows users to backup, synchronize, share and access their data online.
The transaction further solidifies Phoenix’s position at the core of the PC industry. It will enhance the Company’s ability to respond to consumer and business needs for secure and "always available" web access to their digital assets as well as automatic protection of all PC programs and data.
"This acquisition puts Phoenix in an unparalleled position in the PC core systems software market," said Woody Hobbs, President and CEO of Phoenix Technologies. "By combining the existing Phoenix offerings with the leading patent-pending peer-to-peer synchronization technologies from BeInSync, we are able to provide a complete portfolio of PC-related solutions to PC OEMs and their customers. PC 3.0 users will no longer be dependent on a single, stand-alone PC for access to their digital life. At the same time, Phoenix’s OEM customers will have new opportunities to differentiate their offerings, and provide additional value-added services as part of the PC sale."
With the completion of this acquisition, Sharon Carmel, Founder of BeInSync, is now Vice President & Chief Scientist of synchronization and continuity Solutions at Phoenix Technologies, and the entire BeInSync team will continue to maintain operations out of Tel Aviv, Israel, as a part of the Phoenix Technologies’ global team.
In connection with the acquisition, all 21 members of the BeInSync team will be receiving stock options to purchase an aggregate of 356,950 shares of Phoenix common stock. These options will be ‘inducement grants’ pursuant to Nasdaq Marketplace Rule 4350(i)(1)(A)(iv), granted under Phoenix’s 2008 Acquisition Equity Incentive Plan, which was recently approved by the Board of Directors of Phoenix to facilitate the granting of stock options in connection with acquisitions as an inducement to new employees to join Phoenix. The Compensation Committee of the Phoenix Board of Directors has approved the grants in connection with the closing, and Phoenix intends to issue these options at the end of the month following the expiration of a mandatory waiting period under Israeli law. Each option grant will be a non-qualified option, have an exercise price equal to the closing price of Phoenix common stock on the date of grant and have a ten year term. The options will vest over a four year period, with 25% vesting after 12 months and then 6.25% each quarter thereafter.
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