Adobe to buy work management platform Workfront for $1.5B

[Spartan]

Adobe Inc. plans to drop $1.5 billion to acquire Workfront, a marketing work management platform that the San Jose software giant plans to combine with Adobe Experience Cloud.

The San Jose software giant announced the planned acquisition on Monday, highlighting the two firms’ longstanding partnership, product synergies and more than 1,000 shared customers.

“Adobe is the undisputed leader in content creation, management, delivery and measurement and a trusted partner to digital leaders around the globe,” Anil Chakravarthy, who heads up Adobe’s Digital Experience business and worldwide field operations, said in a statement. “The combination of Adobe and Workfront will further accelerate Adobe’s leadership in customer experience management, providing a pioneering solution that spans the entire lifecycle of digital experiences, from ideation to activation.”

Workfront was founded in 2001 and is based in Lehi, Utah. The company offers web-based work management and project management software.

The deal is expected to close during the first quarter of Adobe’s 2021 fiscal year, subject to regulatory approval and closing conditions. The two companies will continue to operating independently, with Workfront CEO Alex Shootman continuing to lead Workfront while reporting to Chakravarthy.

Adobe’s stock price did not immediately move on the news. Prior to the announcement, Adobe shares closed 4.75% lower at $471.14, but were still up more than 62% over the last year.

The acquisition comes two years after two even larger acquisitions by Adobe: Commerce software provider Magento for $1.68 billion in May 2018 and marketing automation company Market for $4.75 billion later that year.

[k2s]

Acquiring or not? 

[Spartan]

3 minutes ago, k2s said:

Acquiring or not? 

acquiring...

mostly for some remote workers workflow planning...

similar to Aha, Jira  etc