June 11, 2010 (FinancialWire) — Phoenix Technologies Ltd. (NASDAQ: PTEC), a software firm, said that HP (NYSE: HPQ) has agreed to purchase the assets related to Phoenix's HyperSpace, HyperCore and Phoenix Flip instant-on and client virtualization products.  

The price for the transaction is $12 million in cash and the closing is scheduled to occur in June 2010.  

Phoenix said that the sale is an example of the company implementing its strategic decision to focus on the core systems software market.

California-based Phoenix Technologies offers core systems software products, services and embedded technologies used by the PC industry's system builders and specifiers.

The company's flagship products are SecureCore Tiano and Embedded BIOS. The company said it created the PC clone industry with its original BIOS product in 1983.

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