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Adobe Completes Acquisition of Accelio Corporation

Tuesday, April 16, 2002

Press release from the issuing company

Acquisition Signals Expansion of Adobe Acrobat Business in Enterprise Markets SAN JOSE, Calif.-April 15, 2002--Adobe Systems Incorporated announced the completion of its acquisition of publicly-held Accelio Corp. of Ottawa, Canada. The acquisition immediately establishes Adobe as a leading provider of Web-enabled solutions for customers whose business processes are driven by electronic forms. Under the terms of the transaction, each Accelio common share was converted to 0.072573 shares of Adobe common stock. In total, Adobe issued approximately 1.81 million shares of Adobe common stock in exchange for all outstanding Accelio common shares. In connection with the transaction, Accelio repurchased all outstanding stock options for cash payments of approximately US$1.3 million. "The acquisition of Accelio is a major step in the expansion of Adobe's Acrobat business," said Bruce Chizen, CEO of Adobe. "Through the combination of Adobe 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 Adobe Acrobat family of products is widely recognized for enabling businesses to move paper-based processes online. Accelio's electronic form and document presentment solutions complement Adobe's established Acrobat franchise. Combined, the inherent synergies between the two businesses will allow Adobe to quickly enhanceexisting products, and rapidly bring new Acrobat solutions to market. "The market for business processes driven by electronic forms is ripe for players with extendable solutions that enable companies to move paper-based processes online," said Andrew Warzecha, senior vice president, Meta Group. "Organizations are seeking vendors with the right combination of technologies and customer strategies to help stem the increasing volumes of paper they must deal with. These increasing requirements represent an opportunity for a major player to finally emerge in this rapidly evolving segment of the enterprise software market." The acquisition of Accelio is part of Adobe's strategy to become a leading business process solution provider, a logical next step in the evolution of the company's Acrobat business. This strategy is expected to result in greater opportunities for Adobe to deliver complete solutions to enterprise-class customers. In October 2001, Adobe officials estimated that the ePaper and electronic forms market opportunity for Adobe would be more than $3 billion in size by 2004. As previously announced, Adobe is targeting additional revenue from the acquisition of approximately $30 to $35 million, an acquisition charge in the range of $12 to $15 million, and pro forma earnings per share dilution of approximately $0.02 in fiscal year 2002. The Accelio business will be fully integrated into Adobe's operations, with the former Accelio headquarters functioning as a remote Adobe site in Ottawa. 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.




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