Complex sentence: OpenType is intended by Microsoft and Adobe to be the successor to the TrueType font format, which was developed by Apple Computer and licensed by Microsoft, and to the Type 1 ("PostScript") font format developed by Adobe.
Split into simpler sentences: OpenType is intended by Microsoft and Adobe to supersede both the TrueType the Type 1 ("PostScript") font formats. TrueType was developed by Apple Computer and licensed by Microsoft, and PostScript and the Type 1 format were developed by Adobe.