Adobe to Acquire Marketing Start-up Workfront for an Amount of $1.5 billion
On Monday, software giant Adobe announced to have entered into a definitive agreement to acquire Workfront for $1.5 billion. The acquisition will provide efficiency, collaboration and productivity benefits to their customer’s marketing teams, providing them management solutions catering to the current conditions of the pandemic.
Based in Utah, Workfront is a leading work management platform for marketers. Trusted by more than 3000 companies, it aims to help people, organizations and teams to enhance their performance. Equipped with APIs (Application Programming Interface), Workfront will provide a seamless connection to Adobe Creative Cloud and Adobe Experience Cloud.
With strong product synergies Adobe and Workfront share about 1,000 customers. The list includes prominent organizations such as Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile, and The Home Depot.
Commenting on the acquisition, Adobe said that the acquisition will further advance Adobe’s leadership in customer experience management. The combination of Adobe and Workfront will provide a pioneering solution that spans the entire lifecycle of digital experiences, from ideation to activation.
Workfront CEO Alex Shootman said that, “We’re excited to join Adobe and believe this will be a tremendous opportunity for our customers and partners.” Shootman will continue to lead the Workfront team while reporting to Chakravarthy, once the acquisition would complete sometime by the end of first quarter of Adobe’s 2021 fiscal year.