Phoenix Technologies, a provider of core systems firmware solutions, has completed its acquisition of TouchStone Software, a provider of online PC diagnostics and software update technology, for $1.48 in cash for each outstanding share of TouchStone common stock. The net value of the transaction is approximately $17 million.
Upon completion of the transaction, Jason Raza, president and CEO of TouchStone Software, has assumed the role of vice president and general manager of eSupport.com at Phoenix Technologies.
Woody Hobbs, president and CEO of Phoenix Technologies, said: "Well targeted acquisitions combined with our ongoing product development efforts have played a pivotal role in that strategy, while creating incremental revenue opportunities for our PC OEM customers. With the recent acquisition of BeInSync, we are not only bringing new products to market through our current OEM and ODM channels, but are also expanding our presence on to the Web. Now, with the acquisition of TouchStone, we are strengthening our ability to support online delivery models."