The company's products – commonly referred to as BIOS (Basic Input/Output System) or firmware – support and enable the compatibility, connectivity, security and management of the various components and technologies used in such devices.

Phoenix also developed C language libraries, called PForCe, along with Plink-86/Plink-86plus, overlay linkers, and Pfix-86, a windowed Debugger for DOS.

These products only provided a small revenue stream to Phoenix during the early 1980s and the company did not significantly expand in size.

By recording the audit trail of the two groups' interactions, Phoenix developed a defensibly non-infringing IBM PC compatible ROM BIOS.

It acquired Softstyle, Inc, and Softset, Inc, and began a printer emulation product line, and a Phoenix publishing division.

Phoenix launched an IPO in June 1988 and made the founder and early employees instant millionaires on paper.

In December 1989, Ron Fisher took over as CEO,[11] and again the company focused on the core PC BIOS products, and prevented a hostile takeover bid by Norwood Partners Limited Partnership.

In 1996, Phoenix acquired Virtual Chips, Inc., a maker of synthesizable cores for PC peripherals, and Mountain View, California-based Award Software in 1998.

[13] Phoenix continued to grow steadily from the late 1990s, and saw a significant increase in revenues from the Y2K product refreshes in the PC industry.

However, by mid-2001, the PC industry suffered another downturn, and Phoenix was forced to reduce the less profitable product lines, such as the IA-64 effort, and close a number of redundant offices.

The BIOS revenue stream was heavily leveraged through fully paid-up licenses, and by early 2006 this business model was no longer sustainable.

By late 2006, after senior management changes, the company refocused on the PC BIOS business and the couple of potentially profitable applications.

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.

[citation needed] In late Q4 2009, Phoenix began exploring strategic alternatives for the products it had developed and purchased in its prior acquisition phase.

[22] In August 2010, Marlin Equity Partners, a Los Angeles-based private investment firm, acquired the outstanding shares of Phoenix Technologies for $139 million.