Tuesday, May 25, 2010

Phoenix Technologies, DeviceVM Settle Lawsuit

Milpitas-based Phoenix Technologies and San Jose-based DeviceVM have settled a lawsuit that Phoenix had filed against DeviceVM over trade secret theft. Phoenix Technologies said it had resolved its litigation support in the U.S. District Court for the Northern District of California case, but did not disclose terms of the settlement. Phoenix had sued DeviceVM in July of last year, claiming that a former Phoenix employee had stolen trade secrets from the firm for use in its "instant on" Splashtop software. DeviceVM is venture backed by New Enterprise Associates, Storm Ventures, DFJ Dragon, as well as Tim Draper and Larry Augustin.