Key Developments For Adobe Systems Inc
Adobe Systems Inc (ADBE.O) (Nasdaq)
Adobe Systems To Trim 680 Full Time Positions To Cut Costs-DJ
Dow Jones reported that Adobe Systems will cut about 680 full-time positions world-wide, or about 9% of its total work force, as the Company moves to align costs with 2010 projections. The move marks the second wave of job cuts at Adobe Systems since last December, when the Company said it would eliminate 600 positions, or 8% of its work force at the time. Adobe Systems spokeswoman said the cuts will affect all businesses, geographies and job levels and about 300 San Francisco Bay Area employees will lose their jobs. Adobe Systems said the plan relates only to employees and facilities at the Company before its recent $1.8 billion acquisition of Omniture. Adobe said the majority of the activities related to the restructuring plan are expected to be completed a year from now.
Salesforce.com, Inc. And Adobe Systems Form Strategic Alliance To Advance Application Development In Cloud
Salesforce.com, Inc. and Adobe Systems announced the availability of a new offering that unites the power of the Force.com platform with the richness and ubiquity of the Adobe Flash Platform to enable a new generation of cloud-based rich Internet applications (RIAs). The new offering, Adobe Flash Builder for Force.com, integrates the two platforms to bring the richness of the consumer Web to enterprise cloud applications to enable a significantly improved level of developer productivity.
Adobe Systems' Snowbird Acquisition Corporation Completes Tender Offer For Omniture, Inc. Shares
Adobe Systems announced the completion of the tender offer by its direct wholly owned subsidiary, Snowbird Acquisition Corporation, for all outstanding shares of common stock of Omniture, Inc. at a price of $21.50 per share, net to the seller in cash, without interest. The tender offer expired at 12:00 midnight, New York City, New York time, on Oct. 22, 2009. The depositary for the tender offer has advised Adobe that, as of the expiration of the tender offer, approximately 68,125,532 shares were validly tendered and not withdrawn in the tender offer, representing approximately 86.68% of Omniture`s issued and outstanding shares. Adobe expects to complete the acquisition of Omniture on Oct. 23, 2009 through the merger of Snowbird Acquisition Corporation with and into Omniture in accordance with applicable provisions of Delaware law that authorize the completion of the merger without a vote or meeting of stockholders of Omniture. Following the merger, Omniture will be a wholly owned subsidiary of Adobe. Under the merger agreement, all remaining publicly held shares (other than shares held by holders who properly exercise their appraisal rights under applicable Delaware law) will be acquired for $21.50 per share, net to the holder in cash, without interest, in the merger.
Adobe Systems Reaffirms Q4 2009 Guidance
Adobe Systems reaffirmed its fourth quarter of 2009 guidance and expects revenue of $690 million to $740 million, diluted earnings per share (EPS) target range of $0.23 to $0.29 on a GAAP basis and an EPS target range of $0.33 to $0.39 on a non-GAAP basis. According to Reuters Estimates, analysts on an average are expecting the Company to report revenue of $724 million and non-GAAP EPS of $0.37 for the fourth quarter of 2009.
Eolas Technologies Inc. Files Infringement Lawsuit Against Adobe Systems Inc. And Others
Eolas Technologies Inc. announced a Texas federal lawsuit filed to assert the company's intellectual property rights based on two patents, including one that has passed two separate reexaminations at the United States Patent and Trademark Office (USPTO) and resulted in a $565 million federal court judgment in 2004. The lawsuit, filed in the U.S. District Court for the Eastern District of Texas, includes claims related to two Eolas patents, U.S. Patent No. 5,838,906 (906 Patent) and U.S. Patent No. 7,599,985 (985 Patent). The companies named as defendants include Adobe Systems, Amazon.com; Apple Inc.; Argosy Publishing Inc.; Blockbuster Inc. ; CDW Corp.; Citigroup Inc.; eBay Inc.; Frito-Lay Inc. (a subsidiary of Purchase, PepsiCo Inc.); The Go Daddy Group Inc.; Google Inc.; J.C. Penney Co. Inc.; JPMorgan Chase & Co.; New Frontier Media Inc.; Office Depot Inc.; Perot Systems Corp.; Playboy Enterprises International Inc.; Rent-A-Center, Inc.; Staples, Inc.; Sun Microsystems Inc.; Texas Instruments ; Yahoo! Inc.; and YouTube LLC, a subsidiary of Google Inc.
