Adobe buys Accelio to boost e-paper business
- 04 February, 2002 08:00
Software maker Adobe Systems has agreed to purchase Canadian electronic-forms software and service provider Accelio in an all-stock deal valued at $US72 million, the companies announced on Friday.
"This acquisition quickly positions Adobe as a leader of business-process solutions, which is the logical next step in the evolution of our ePaper platform. The combined companies can supply our customers with complete end-to-end e-forms solutions," said Bruce Chizen, president and CEO of Adobe, in a telephone news conference.
Accelio, launched in 1982, has 650 employees and 7000 customers worldwide in the financial services, banking, manufacturing, utilities and public-service sectors, Chizen said. Accelio has customers in more than 50 countries around the world, including Microsoft, Citigroup's Citibank, American Express, and 70 per cent of the Fortune 100 companies, according to the company's Web site.
Adobe expects to have Accelio integrated into the company by June and plans to absorb 250 Accelio employees into Adobe, Chizen said.
"With Accelio, we will be able to further Adobe into the enterprise market, making us that much more relevant to the enterprise and government markets," Chizen said.