The ink is still wet on Hewlett-Packard’s Palm deal but that hasn't stopped the company shelling out more cash on another acquisition.

Phoenix Technologies has said that HP will purchase all assets related to its HyperSpace, HyperCore and Phoenix Flip instant-on and client virtualisation products.

The deal is said to be worth around US$12 million in cash and is “another example of Phoenix implementing its strategic decision to focus on the core systems software market”, it says.

"We are very pleased that HP has agreed to acquire these assets relating to Phoenix's HyperSpace, given HP's rich history of innovation and product differentiation," said Tom Lacey, President and CEO of Phoenix.

Both firms expect that the deal will be closed at the end of the month.