Software development firm, Adobe Systems (ADBE), announced on Tuesday that it will contribute source code of its ActionScript product to the Mozilla foundation, seeking to bolster standardized web technologies.

The ActionScript Virtual Machine is the San Jose Calif.-based firm's implementation of the ECMAScript, the formal name given to the popular JavaScript software language used in web-development.

Many software vendors currently implement their own versions of JavaScript, with Microsoft offering a version dubbed Jscript, and Mozilla using SpiderMonkey. The contribution by Adobe, however, will kick off a new open source project, called Tamarin, to accelerate development of an industry wide standard.

By working with the open source community we are accelerating the adoption of a standard language for creating and delivering richer, more interactive experiences that work consistently across PCs and mobile devices, said Kevin Lynch, senior vice president and chief software architect at Adobe.

Shares of Adobe rose nearly 3 percent on Tuesday, closing at $39.61, or up $1.07.

Shares of Adobe rose 13 cents in Wednesday afternoon trading to $39.74 after rising more than 3 percent on Tuesday.