Absolute Software buys tech assets of FailSafe and Phoenix Freeze for $6.9M
Computer security company Absolute Software Corp. (TSX:ABT) said Thursday that it has purchased technology assets from Phoenix Technologies Ltd. (Nasdaq:PTEC) for about $6.9 million.
Vancouver-based Absolute said the deal involved FailSafe and Phoenix Freeze, which will be incorporated into its own security packages.
FailSafe is a theft deterrence product that provides users the ability to protect, track and manage their laptop and its files if the device is ever lost or stolen.
Freeze allows users to lock and unlock an XP- or Vista-based laptop. Bluetooth-enabled, it locks a laptop once a user steps out of a "zone of safety."
"Absolute will integrate certain components of the acquired technology into its industry leading Computrace(R) LoJack(R) for Laptops solution to extend its data protection and theft recovery capabilities," the company said.
"This asset acquisition enhances our competitive position in the market and reaffirms our commitment to the anti-theft space," said CEO John Livingston.
"These two products provide some additional features we can incorporate into our existing suite of services," he added.
Absolute shares were down 69 cents or more than 12 per cent at $4.97 in mid-afternoon trading Thursday on the Toronto Stock Exchange.