Adobe has signed a deal to acquire Virtual Ubiquity and its ground-breaking online word processor, Buzzword.

Adobe says the acquisition is part of its corporate strategy to foster a vibrant ecosystem for rich internet application development built on Adobe AIR.

The founders of Virtual Ubiquity will be joining Adobe. "We were inspired by the way today's youth spend their lives working and playing together online, and how this is influencing the way we all think about collaboration," said Rick Treitman, CEO of Virtual Ubiquity.

"This inspiration resulted in an online word processor for the 'Facebook generation' that focuses on working together online, without sacrificing quality."

What's the buzz

Buzzword is a collaborative online word processor that lets individuals work together to create documents. Features include advanced typography, page layout controls, and robust support for integrated graphics, regardless of the browser or device.

Buzzword was developed using Adobe Flex software and runs in the Adobe Flash Player. The application also runs on Adobe AIR for use offline.

More information on the acquisition and access to Buzzword beta software is available through Adobe.

In releated news, Adobe has also introduced Share, a beta model of its new file sharing service.

Users simply select the documents they want to share, send a message to recipients, and set whether the files will be publicly accessible or restricted.