Adobe buys Day Software for US$240M

Adobe Systems has agreed to buy Web software maker Day Software Holding in a deal worth US$240 million, the company said in a statement Wednesday.

Day Software, of Basel, Switzerland, specializes in Web Content Management, Digital Asset Management and Social Collaboration, which Adobe plans to use to strengthen its enterprise software offerings, it said in the statement.

"With the addition of Day to our enterprise portfolio, we will be able to enhance the value of our offering and deliver on our vision of the Web as the hub of customer interaction," the U.S. software vendor said.

Day will become a product line within Adobe's Digital Enterprise Solutions Business Unit, and Day's CEO, Erik Hansen, will join Adobe as part of the deal.

Adobe will launch a tender offer for Day's publicly held stock shares, an offer that Day's board of directors has already voted to recommend, according to the statement.

The deal is subject to government approval before it can be finalized. Adobe expects to close the deal in the fourth quarter of its 2010 fiscal year, which is later this calendar year.

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