Software giant Adobe Systems is to buy Blue Beam Software for $2 billion
Adobe Systems Inc. is set to acquire Blue Beam, a software developer that builds commercial web-based software for commercial clients.
The deal is valued at $2.4 billion.
The company makes web-development software for video-streaming companies, as well as the military.
Adobe said Tuesday that Blue Beam would be spun off into an independent company.
The acquisition was first reported by The Wall Street Journal.
Blue Beam had been based in San Diego, California.
The news came a day after the U.S. Department of Defense, the Federal Aviation Administration and the Federal Communications Commission announced that they were opening the door to a possible commercial launch of next-generation satellite communications for use in space.
It is expected to be launched sometime in the 2020s, according to the FAA.
Blue beam was founded in 2011 and now has offices in San Francisco and Washington.
It has developed software to support commercial satellite applications and was acquired by Cisco Systems Inc in 2013.