president and CEO of Phoenix Technologies. Hobbs had a history of turning struggling companies around. According to company documents, "prior to joining Phoenix, Hobbs served as president and CEO of Intellisync Corporation from 2002 until the company's acquisition by Nokia in February 2006. Under Hobbs' leadership, Intellisync became the number two wireless email company, increased its stock price by nearly ten times, and grew enterprise value from zero to over $430 million." By January 2008, Phoenix had posted higher-than-expected Q1 revenues and increased full year guidance. In 2008, Phoenix also acquired several companies: In May, Phoenix acquired BeInSync, Ltd., an Israeli-based provider of an all-in-one solution that allows users to back up, synchronize, share and access data online. Although Phoenix did not disclose the amount of the transaction, according to at least one online report, Phoenix acquired BeInSync for $25 million. In July, in an effort to develop a strong online presence and infrastructure for web-based automated service delivery, Phoenix acquired TouchStone Software Corporation for its online PC diagnostics and software update technology, eSupport.com this included the recently purchased HijackPro and Drivermagic software from Glenn Bluff. The net value of the transaction was approximately $17 million. In September, Phoenix acquired General Software of Bellevue, WA, to extend its firmware leadership to a wide array of specialized high-value, high-margin devices that use embedded processors (embedded systems), from mobile and consumer electronics to data communications. 2009–2010 In 2009, Phoenix shut down their Engineering and Sales offices in Shanghai and Nanjing, China. Phoenix also laid off most of the staff in those offices, although some of the managers were moved to other offices in Taiwan. Phoenix opened a new office in Bangalore, India and closed its office in Hyderabad, India. Most of the Hyderabad employees were given the option to move to the new Bangalore office. In late Q4 2009, Phoenix began exploring strategic alternatives for the products it had developed and purchased in its prior acquisition phase. On January 5, 2010, Phoenix announced it had hired GrowthPoint Technology partners to find alternative business strategies for the FailSafe, HyperSpace and eSupport.com products and would aim to refocus its business strategy on BIOS where it still retained a substantial majority of its revenue. On April 9, 2010 it was announced that Absolute Software would pay $6.9 million for Phoenix Technologies security technologies, including FailSafe and Freeze. In August 2010, Marlin Equity Partners, a Los