The fate of the employees of BeInSync Ltd. remain in doubt one year after US software house Phoenix Technologies Inc. (Nasdaq: PTEC) acquired the Israeli start-up for $25 million. Phoenix was supposed to integrate BeInSync's PC synchronization, secure file sharing, and remote file access technology as part of its own product lines.
In early February, Phoenix announced that that it would fire 68 employees, 12% of its global workforce. The company's share has fallen 85% in the past year.
Tel Aviv-based BeInSync, now Phoenix Technologies Israel Ltd., has 20 employees, who are not included in Phoenix's layoffs plan. However, this situation may not last, and it is not clear how bad any future blow will be.
A source close to Phoenix Technologies Israel said, "At the moment, there are only rumors, and it's not clear what will happen."
BeInSync's co-founders, Tal Barnoach and Sharon Carmel, are no longer with the company.
BeInSync was not available for comment.
Published by Globes [online], Israel business news - www.globes-online.com - on March 15, 2009
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