CAMPBELL, California, July 31, 2023 – Phoenix Technologies, a leading independent firmware supplier for PCs and computing devices, secured a re-financing agreement with The Claret European Growth Capital Fund III (‘the Fund’), a fund advised by Claret Capital Partners, to support its investment program.
The Fund is providing debt funding to support Phoenix Technologies’ growth plans and to re-finance its existing debt.
In March 2023, Phoenix Technologies launched FirmGuard, a cybersecurity product to address firmware vulnerabilities.
Gerard Moore, President and CEO of Phoenix Technologies, said:
“Over the past two years, we have expanded our revenues and invested in new products. This important development provides the necessary capital for us to continue to support our investment program across the business. With the continued pace of innovation around cybersecurity, artificial intelligence, mobile and IoT computing, our broad range of innovative firmware products are well placed to address these trends.
“We see increasing demand and interest across our product range from our traditional firmware offering, through to our recently launched FirmGuard™ cybersecurity solutions.”
“With these additional financial resources, we can now fully pursue these opportunities and work with our clients to bring the next set of innovative firmware solutions to market.”
Brian Geraghty, Principal of Claret Capital Partners said:
“It is great to be working with Phoenix Technologies, a pioneer in the firmware space. Gerard and the team are really driving this business forward and continue to innovate. We are excited about the potential FirmGuard has to add another layer of security to protect PC users from cyber threats.”
“We are big believers in the business and look forward to supporting the company as it scales.”
Davy Corporate Finance acted as exclusive financial advisor to Phoenix Technologies.