I'd try Ioncube, it can encode the template files too.

Ahmad Al-Twaijiry wrote:
> Hi everyone,
>
> if you remember before few weeks I asked you about a free php encoder
> that support Smarty and unfortunately I didn't find anything
> (http://www.nabble.com/Any-free-PHP-e...-t2418357.html)
>
> my question since there is no free software, do you know any
> commercial software that will encode PHP5 AND support Smarty (I don't
> want to change my code) ?
>
> Thanks
>
> ---
> Ahmad
> http://www.v-tadawul.com
>