Adobe to acquire online work management software firm Workfront for $1.5bn
Adobe has agreed to acquire Workfront, a Utah-based company that develops web-based work management and project management software, for $1.5 billion.
Established in 2001, Workfront provides solutions to help marketers in managing their content, in planning and tracking marketing campaigns, and also for carrying out complex workflows across teams.
Workfront’s combination with Adobe Experience Cloud is expected to drive efficiency, collaboration along with productivity gains to marketing teams that are challenged currently with isolated work management solutions.
Adobe’s Experience Cloud provides a solution for content and commerce, customer data and insights, and customer journey management, which are all said to be built on an open platform.
This solution of Adobe enables all businesses irrespective of size and industry to provide top-notch customer experiences at scale.
Adobe acquisition of Workfront. Photo courtesy of Coolcaesar/Wikipedia.org.
Alex Shootman – CEO of Workfront said: “Adobe and Workfront share a common affinity to help the modern marketer thrive in an ever-evolving, increasingly demanding setting.
“We’re excited to join Adobe and believe this will be a tremendous opportunity for our customers and partners.”
According to Adobe, Workfront’s APIs can enable a seamless connection to Adobe Creative Cloud and also Adobe Experience Cloud.
Anil Chakravarthy – executive vice president and general manager, Digital Experience Business and Worldwide Field Operations, Adobe, said: “Adobe is the undisputed leader in content creation, management, delivery, and measurement and a trusted partner to digital leaders around the globe.
“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.”
The deal, which is subject to receipt of regulatory approval and customary closing conditions, is likely to be wrapped up during the first quarter of Adobe’s 2021 fiscal year.