Software maker Adobe Systems Inc. has agreed to purchase Ottawa-based electronic-forms software and service provider Accelio Corp. in an all-stock deal valued at US$72 million, the companies announced 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 chief executive officer of Adobe in a telephone news conference.
Waterloo, Ont.-based document management specialist Open Text had made an unsolicited bid in December to buy Accelio shares as part of a $68.5 million package – one that Accelio CEO called “insulting.”
Accelio, launched in 1982, has 650 employees and 7,000 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 Corp., Citigroup Inc.’s Citibank, American Express Co., 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.
Adobe, in San Jose, Calif., is at http://www.adobe.com/.
Accelio, in Ottawa, is at http://www.Accelio.com