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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>U.S.
        SECURITIES AND EXCHANGE COMMISSION</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
        D.C. 20549</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><strong>FORM
        8-K</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
        of
        Report: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>July
        8, 2005</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 24pt; FONT-FAMILY: Times New Roman"><strong>Axeda
        Systems Inc.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
        name of issuer as specified in its charter)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div align="left">
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            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Delaware</strong></font></div>
              </td>
              <td align="justify" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>000-26287</strong></font></div>
              </td>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>23-2763854</strong></font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                  or Other Jurisdiction of</font></div>
              </td>
              <td align="justify" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                  File</font></div>
              </td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                  Employer</font></div>
              </td>
            </tr>
            <tr>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Incorporation
                  or Organization)</font></div>
              </td>
              <td align="justify" valign="top" width="34%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Number)</font></div>
              </td>
              <td align="justify" valign="top" width="33%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                  <font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.)</font></font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>21
        Oxford Road, Mansfield, Massachusetts 02048</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
        and Zip Code of Principal Executive Offices)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(508)
        337-9200</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Registrant&#8217;s
        Telephone Number)</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):</font></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td align="left" style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font></td>
              <td align="left">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17 CFR
                  240.14d-2(b))</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17 CFR
                  240.13e-4(c))</font></div>
              </td>
            </tr>

        </table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        1.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Entry
        into a Material Definitive Agreement</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
        2.03&#160;Creation of a Direct Financial
        Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
        Registrant</font></strong></div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        June
        29, 2005, we entered into a letter of intent to sell our device relationship
        management (DRM) business and related assets to </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JMI
        Equity Fund V, L.P., or JMI, a Baltimore and San Diego based private equity
        firm
        that focuses exclusively on investments in the software and business services
        industries.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        letter of intent contemplates that JMI will purchase substantially all of
        the
        assets of our DRM business for a total of $7.0 million in cash plus the
        assumption of certain specified operating liabilities. The sale does not
        include
        the industrial automation products marketed as our &#8220;Supervisor&#8221; product
        family.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">JMI&#8217;s
        obligation to acquire the DRM business is subject to JMI being satisfied
        with
        the results of its due diligence investigations, the negotiation and execution
        of definitive agreements, the execution by certain of our officers and directors
        of agreements to vote all of our outstanding voting securities beneficially
        owned by them in favor of the proposed transaction and any other matters
        related
        thereto and against any competing transaction or corporate action, our obtaining
        all required consents and other customary conditions. We intend to seek the
        approval of our stockholders to consummate the proposed transaction. It is
        anticipated that proxy materials regarding the proposed transaction will
        be sent
        to our stockholders next month, and that a stockholders&#8217; meeting to approve the
        transaction will be held in September, 2005.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        consolidated balance sheet attached as an exhibit to the letter of intent
        filed
        as an exhibit to this Report should not be relied upon by our investors,
        customers, suppliers and others inasmuch as it is unaudited, it was prepared
        solely for the purposes of negotiating the sale </font><a name="iManRefreshTempBookmark"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">transaction
        with JMI that is described in the letter of intent, and it was not prepared
        in
        accordance with generally accepted accounting principles.</font></a></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">

        <p style="MARGIN: 0in 0in 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          addition, JMI has committed to provide up to $1.5 million of bridge loans
          to us,
          of which $250,000 was advanced on July 8, 2005.&#160; The bridge loans bear interest
          at the
          rate of 7% per annum and are secured by security interests in the assets
          of our
          DRM business.&#160; Pursuant to the terms
          of a subordination agreement which Laurus Master Fund, Ltd., or Laurus,
          the
          holder of a senior security interest in the assets of our DRM business,
          has
          entered into with JMI and us, Laurus has agreed to subordinate its right
          to
          payment of the note we issued to it, and its security interest in those
          assets,
          so that JMI holds a senior secured lien therein to the extent of the first
          $600,000 of bridge loans that JMI provides to us.&#160; With respect to the $900,000 balance
          of
          the bridge loans that JMI has committed to provide to us, its security
          interest
          in the assets of our DRM business will be <u>pari</u><u>passu</u> with the
          security interest held by Laurus in the same assets.<br><br></font></p>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
        July
        14, 2005, we issued a press release reporting our execution of the letter
        of
        intent, and our receipt of the first $250,000 of bridge loan financing from
        JMI.
        A copy of the press release is furnished herewith as Exhibit 99.1 and is
        incorporated herein by this reference.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        9.01</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 63pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Financial
        Statements and Exhibits</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following financial statements, pro forma financial information and exhibits
        have been filed as part of this Report:</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
              </td>
              <td align="left" style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(a)</font></td>
              <td align="left">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Financial
                  Statements &#8212; none</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
              </td>
              <td align="left" style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font></td>
              <td align="left">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pro
                  forma financial information &#8212; none</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

            <tr valign="top" style="LINE-HEIGHT: 1.25">
              <td style="WIDTH: 36pt">
              </td>
              <td align="left" style="WIDTH: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font></td>
              <td align="left">
                <div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt"></font>&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="bottom" width="9%"><font size="2"><u>Number</u></font></td>
              <td align="left" valign="bottom" width="91%"><u><font size="2">Description</font></u></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">&#160;</td>
              <td align="left" valign="top" width="91%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="9%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.26</font></div>
              </td>
              <td align="left" valign="top" width="91%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Letter
                  of Intent dated June 29, 2005 between Axeda Systems, Inc. and JMI
                  Equity
                  Fund V, L.P.</font></div>
              </td>
            </tr>
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                  Secured Bridge Note Purchase Agreement dated as of July 8, 2005
                  by and
                  among Axeda Systems Inc., Axeda Systems Operating Company, Inc.,
                  JMI
                  Equity Fund V, L.P. and JMI Equity Fund V (AI), L.P.</font></div>
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                  Agreement dated as of July 8, 2005 by and among Axeda Systems Inc.,
                  Axeda
                  Systems Operating Company, Inc. JMI Equity Fund V, L.P., and JMI
                  Equity
                  Fund V (AI), L.P.</font></div>
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                  Guaranty dated July 8, 2005 granted by Axeda Systems Operating
                  Company,
                  Inc. in favor of JMI Equity Fund V, L.P., and JMI Equity Fund V
                  (AI),
                  L.P.</font></div>
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                  of Security Interest in Patents and Trademarks dated as of July
                  8, 2005
                  made by Axeda Systems Inc., Axeda Systems Operating Company, Inc.
                  and
                  Axeda IP, Inc. to JMI Equity Fund V, L.P. and JMI Equity Fund V
                  (AI),
                  L.P.</font></div>
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              <td align="left" valign="top" width="91%">&#160;</td>
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                  No. 1 to Security Agreement entered into and effective as of July
                  13, 2005
                  by and among Axeda Systems Inc., Axeda Systems Operating Company,
                  Inc.,
                  Axeda IP, Inc., JMI Equity Fund V, L.P. and JMI Equity Fund V (AI),
                  L.P.</font></div>
              </td>
            </tr>
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              <td align="left" valign="top" width="9%">&#160;</td>
              <td align="left" valign="top" width="91%">&#160;</td>
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                  No. 1 to Subsidiary Guaranty entered into and effective as of July
                  13,
                  2005 by and among Axeda Systems Operating Company, Inc., Axeda
                  IP, Inc.,
                  JMI Equity Fund V, L.P. and JMI Equity Fund V (AI),
                  L.P.</font></div>
              </td>
            </tr>
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                  Agreement dated as of July 8, 2005 by and among Axeda Systems Inc.,
                  JMI
                  Equity Fund V, L.P., and JMI Equity Fund V (AI), L.P. and Laurus
                  Master
                  Fund, Ltd.</font></div>
              </td>
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                  Release dated July 14, 2005 regarding the Letter of Intent entered
                  into by
                  the Company and JMI, and Bridge Financing Loans that JMI has Committed
                  to
                  make to the Company</font></div>
              </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
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        this
        report to be signed on its behalf by the undersigned, thereunto duly
        authorized.</font></div>
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      <div>
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                  Systems Inc.</font></td>
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                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dated:
                  July 14, 2005</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
                <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/&#160;&#160;Dale
                  Calder</font></td>
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                  <hr style="COLOR: #000000" align="left" noshade size="2" width="80%"><font size="2">Dale
                  Calder, President</font></td>
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{"company-data": {"conformed-name": "AXEDA SYSTEMS INC", "cik": "0001052593", "assigned-sic": "7372", "irs-number": "232763854", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-26287", "film-number": "05955253"}, "business-address": {"street1": "21 OXFORD ROAD", "city": "MANSFIELD", "state": "MA", "zip": "02048", "phone": "508-337-9200"}, "mail-address": {"street1": "21 OXFORD ROAD", "city": "MANSFIELD", "state": "MA", "zip": "02048"}, "former-company": [{"former-conformed-name": "RAVISENT TECHNOLOGIES INC", "date-changed": "19990617"}, {"former-conformed-name": "DIVICORE INC", "date-changed": "19990428"}, {"former-conformed-name": "QUADRANT INTERNATIONAL INC", "date-changed": "19990323"}]}
Unassociated Document
U.S.
        SECURITIES AND EXCHANGE COMMISSION
Washington,
        D.C. 20549
FORM
        8-K
CURRENT
        REPORT
Date
        of
        Report:
July
        8, 2005
Axeda
        Systems Inc.
(Exact
        name of issuer as specified in its charter)
Delaware
000-26287
23-2763854
(State
                  or Other Jurisdiction of
(Commission
                  File
(IRS
                  Employer
Incorporation
                  or Organization)
Number)
Identification
No.)
21
        Oxford Road, Mansfield, Massachusetts 02048
(Address
        and Zip Code of Principal Executive Offices)
(508)
        337-9200
(Registrant's
        Telephone Number)
Check
        the
        appropriate box below if the Form 8-K filing is intended to simultaneously
        satisfy the filing obligation of the registrant under any of the following
        provisions (see General Instruction A.2. below):
¨
Written
                  communications pursuant to Rule 425 under the Securities Act (17
                  CFR
                  230.425)
¨
Soliciting
                  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                  240.14a-12)
¨
Pre-commencement
                  communications pursuant to Rule 14d-2(b) under the Exchange Act
                  (17 CFR
                  240.14d-2(b))
¨
Pre-commencement
                  communications pursuant to Rule 13e-4(c) under the Exchange Act
                  (17 CFR
                  240.13e-4(c))
Item
        1.01
Entry
        into a Material Definitive Agreement
Item
        2.03 Creation of a Direct Financial
        Obligation or an Obligation under an Off-Balance Sheet Arrangement of a
        Registrant
On
        June
        29, 2005, we entered into a letter of intent to sell our device relationship
        management (DRM) business and related assets to
JMI
        Equity Fund V, L.P., or JMI, a Baltimore and San Diego based private equity
        firm
        that focuses exclusively on investments in the software and business services
        industries.
The
        letter of intent contemplates that JMI will purchase substantially all of
        the
        assets of our DRM business for a total of $7.0 million in cash plus the
        assumption of certain specified operating liabilities. The sale does not
        include
        the industrial automation products marketed as our "Supervisor" product
        family.
JMI's
        obligation to acquire the DRM business is subject to JMI being satisfied
        with
        the results of its due diligence investigations, the negotiation and execution
        of definitive agreements, the execution by certain of our officers and directors
        of agreements to vote all of our outstanding voting securities beneficially
        owned by them in favor of the proposed transaction and any other matters
        related
        thereto and against any competing transaction or corporate action, our obtaining
        all required consents and other customary conditions. We intend to seek the
        approval of our stockholders to consummate the proposed transaction. It is
        anticipated that proxy materials regarding the proposed transaction will
        be sent
        to our stockholders next month, and that a stockholders' meeting to approve the
        transaction will be held in September, 2005.
The
        consolidated balance sheet attached as an exhibit to the letter of intent
        filed
        as an exhibit to this Report should not be relied upon by our investors,
        customers, suppliers and others inasmuch as it is unaudited, it was prepared
        solely for the purposes of negotiating the sale
transaction
        with JMI that is described in the letter of intent, and it was not prepared
        in
        accordance with generally accepted accounting principles.
In
          addition, JMI has committed to provide up to $1.5 million of bridge loans
          to us,
          of which $250,000 was advanced on July 8, 2005.  The bridge loans bear interest
          at the
          rate of 7% per annum and are secured by security interests in the assets
          of our
          DRM business.  Pursuant to the terms
          of a subordination agreement which Laurus Master Fund, Ltd., or Laurus,
          the
          holder of a senior security interest in the assets of our DRM business,
          has
          entered into with JMI and us, Laurus has agreed to subordinate its right
          to
          payment of the note we issued to it, and its security interest in those
          assets,
          so that JMI holds a senior secured lien therein to the extent of the first
          $600,000 of bridge loans that JMI provides to us.  With respect to the $900,000 balance
          of
          the bridge loans that JMI has committed to provide to us, its security
          interest
          in the assets of our DRM business will be
pari
passu
with the
          security interest held by Laurus in the same assets.
On
        July
        14, 2005, we issued a press release reporting our execution of the letter
        of
        intent, and our receipt of the first $250,000 of bridge loan financing from
        JMI.
        A copy of the press release is furnished herewith as Exhibit 99.1 and is
        incorporated herein by this reference.
2
Item
        9.01
Financial
        Statements and Exhibits
The
        following financial statements, pro forma financial information and exhibits
        have been filed as part of this Report:
(a)
Financial
                  Statements — none
(b)
Pro
                  forma financial information — none
(c)
Exhibits
Number
Description
10.26
Letter
                  of Intent dated June 29, 2005 between Axeda Systems, Inc. and JMI
                  Equity
                  Fund V, L.P.
10.27
Senior
                  Secured Bridge Note Purchase Agreement dated as of July 8, 2005
                  by and
                  among Axeda Systems Inc., Axeda Systems Operating Company, Inc.,
                  JMI
                  Equity Fund V, L.P. and JMI Equity Fund V (AI), L.P.
10.28
Security
                  Agreement dated as of July 8, 2005 by and among Axeda Systems Inc.,
                  Axeda
                  Systems Operating Company, Inc. JMI Equity Fund V, L.P., and JMI
                  Equity
                  Fund V (AI), L.P.
10.29
Subsidiary
                  Guaranty dated July 8, 2005 granted by Axeda Systems Operating
                  Company,
                  Inc. in favor of JMI Equity Fund V, L.P., and JMI Equity Fund V
                  (AI),
                  L.P.
10.30
Grant
                  of Security Interest in Patents and Trademarks dated as of July
                  8, 2005
                  made by Axeda Systems Inc., Axeda Systems Operating Company, Inc.
                  and
                  Axeda IP, Inc. to JMI Equity Fund V, L.P. and JMI Equity Fund V
                  (AI),
                  L.P.
10.31
Amendment
                  No. 1 to Security Agreement entered into and effective as of July
                  13, 2005
                  by and among Axeda Systems Inc., Axeda Systems Operating Company,
                  Inc.,
                  Axeda IP, Inc., JMI Equity Fund V, L.P. and JMI Equity Fund V (AI),
                  L.P.
10.32
Amendment
                  No. 1 to Subsidiary Guaranty entered into and effective as of July
                  13,
                  2005 by and among Axeda Systems Operating Company, Inc., Axeda
                  IP, Inc.,
                  JMI Equity Fund V, L.P. and JMI Equity Fund V (AI),
                  L.P.
10.33
Subordination
                  Agreement dated as of July 8, 2005 by and among Axeda Systems Inc.,
                  JMI
                  Equity Fund V, L.P., and JMI Equity Fund V (AI), L.P. and Laurus
                  Master
                  Fund, Ltd.
99.1
Press
                  Release dated July 14, 2005 regarding the Letter of Intent entered
                  into by
                  the Company and JMI, and Bridge Financing Loans that JMI has Committed
                  to
                  make to the Company
3
Signature
In
        accordance with the requirements of the Exchange Act, the registrant caused
        this
        report to be signed on its behalf by the undersigned, thereunto duly
        authorized.
Axeda
                  Systems Inc.
Dated:
                  July 14, 2005
By:
/s/  Dale
                  Calder
Dale
                  Calder, President
4