Adobe 2003 Annual Report Download - page 21

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21
Our direct equity investments and Adobe Ventures investments at November 28, 2003 consisted of the
following companies:
Private Public
Adobe Equity Investments
Classmates Online, Inc. (formerly eCircles, Inc.) X
Datalogics, Inc. X
Digimarc Corporation X
DigitalThink, Inc. X
Objectivity, Inc. X
Open Plains Technology Inc. X
Salon Media Group, Inc. (formerly Salon.com) X
Tumbleweed Communications Corp. X
Vicom Systems, Inc. X
Winsoft X
Zequra Technologies, Inc. X
Adobe Ventures L.P. Equity Investments
Managing Editor Software, Inc. X
Adobe Ventures II, L.P. Equity Investments
DigitalThink, Inc. X
HAHT Software, Inc. X
Salon Media Group, Inc. X
Adobe Ventures III, L.P. Equity Investments
Biz 360, Inc. X
Builders Information Group, Inc. X
Covalent Technologies, Inc. X
Digital Fountain X
DigitalThink, Inc. X
Sendmail, Inc. X
Shutterfly, Inc. X
Adobe Ventures IV, L.P. Equity Investments
Above All Software, Inc. (formerly BAM Software, Inc.) X
Bellamax, Inc. X
Biz 360, Inc. X
Cardiff Software, Inc. X
Convio, Inc. X
Covalent Technologies, Inc. X
Digital Fountain X
HAHT Software, Inc. X
Kontiki, Inc. X
Pervasive Security Systems, Inc. X
Sendmail, Inc. X
Shutterfly, Inc. X
TuVox, Inc. X
We intend to continue investing in new markets and technologies through limited partnerships as well as
through direct investments.
PRODUCT DEVELOPMENT
Since the personal computer and enterprise software industries are characterized by rapid technological change,
a continuous high level of investment is required for the enhancement of existing products and the development of