June 18, 2010 (FinancialWire) — Phoenix Technologies Ltd. (NASDAQ: PTEC), a provider of core systems software, said it has completed the sale of the assets related to its HyperSpace, HyperCore and Phoenix Flip instant-on and client virtualization products to HP (NYSE: HPQ).

Phoenix said that total consideration from the sale of the assets is $12.0 million, of which around $9.8 million was paid to Phoenix at the closing, after deducting certain fees and costs relating to the transaction, and $2 million which was placed into escrow to cover certain potential Company indemnification obligations.

Tom Lacey, CEO of Phoenix, said "The completion of this transaction marks a major milestone for our company as we refocus our efforts on our CSS business where we have a proven track record of success."

California-based Phoenix Technologies offers core systems software products, services and embedded technologies. The company's flagship products are SecureCore Tiano and Embedded BIOS.

The company laid claim to having created the PC clone industry with its original BIOS product in 1983.

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