Adobe has completed its acquisition of Accelio.
Accelio launched in 1982, and has since secured 7,000 customers worldwide in the financial-services, banking, manufacturing, utilities, and public-service sectors. Customers include Microsoft, Citibank, American Express, and seven out of 10 Fortune100 companies.
Under the transaction’s terms, each Accelio common share was converted to 0.072573 shares of Adobe common stock.
Adobe issued about 1.81 million shares of Adobe common stock in exchange for all outstanding Accelio common shares, while Accelio repurchased all outstanding stock-options for cash payments of about $1.3 million.
Acrobat boom The Adobe Acrobat product family allows businesses to put paper-based processes online. Accelio’s electronic form and document-presentation solutions will complement Adobe’s Acrobat franchise.
Bruce Chizen, CEO of Adobe, said: “The acquisition of Accelio is a major step in the expansion of Adobe’s Acrobat business. Through the combination of Acrobat, Adobe PDF technologies and Accelio’s server-based solutions, Adobe can now extend Acrobat solutions to enterprise users in Global 2000 businesses, governments, and educational institutions – delivering greater value to our customers, shareholders, and employees.”
The ePaper and electronic-forms market will be worth more than £3 billion to Adobe by 2004, according to company officials.
Adobe expects the integration of the two businesses to result in the elimination of approximately 200 positions worldwide, primarily in redundant sales, general, and administrative positions.