Adobe 1998 Annual Report Download - page 8

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recorded net income of $2.2 million. Gross proceeds from the sale of equity securities during fiscal 1998
were $17.0 million. The Company’s equity investments and Adobe Ventures L.P. and Adobe Ventures II,
L.P.’s investments in equity securities at November 27, 1998 consisted of the following companies:
Private Public
Adobe Equity Investments
Cascade Systems International ........................... X
Datalogics Incorporated ............................... X
Objectivity Incorporated ............................... X
PointCast Inc. ....................................... X
Tier Two Systems .................................... X
Vertec Solutions, Inc. ................................. X
Vignette Corporation ................................. X
Adobe Ventures L.P. Equity Investments
Cascade Systems International ........................... X
Cogito Learning Media, Inc. ............................ X
Digimarc Corporation ................................. X
DigitalThink, Inc. .................................... X
Electronic Submission Publishing Systems, Inc. ............... X
Extensis Corporation .................................. X
FileNet Corporation .................................. X
Managing Editor, Inc. ................................. X
mFactory, Inc. ....................................... X
Salon Internet, Inc. ................................... X
Adobe Ventures II, L.P. Equity Investments
2Way Corporation .................................... X
AvantGo, Inc. ....................................... X
Cogito Learning Media, Inc. ............................ X
Digital Intelligence, Inc. ............................... X
DigitalThink, Inc. .................................... X
Extensis Corporation .................................. X
Glyphica ........................................... X
HAHT Software, Inc. ................................. X
Salon Internet, Inc. ................................... X
Tumbleweed Software Corporation ........................ X
Vignette Corporation ................................. X
Virage, Inc. ........................................ X
The Company intends to continue investing in new markets, through limited partnerships as well as
through direct investments by the Company.
PRODUCT DEVELOPMENT
Since the personal computer software industry is characterized by rapid technological change, a
continuous high level of expenditures is required for the enhancement of existing products and the
development of new products. Adobe primarily develops its software internally. The Company sometimes
acquires products developed by others by purchasing the stock or assets of the business entity that held
ownership rights to the technology. In other instances, Adobe has licensed or purchased the intellectual
property ownership rights of programs developed by others with license or technology transfer agreements
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