News: Adobe to acquire Workfront
Adobe has announced it has agreed to acquire work management platform Workfront, for $1.5 billion, subject to customary purchase price adjustments.
The transaction is expected to close during the first quarter of Adobe’s 2021 fiscal year. Until the transaction closes, Adobe and Workfront will continue to run independently. Upon close, Workfront CEO Alex Shootman will continue to lead the Workfront team, reporting to Anil Chakravarthy, executive vice president and general manager, Digital Experience Business and Worldwide Field Operations.
Adobe and Workfront are long standing partners and a growing base of over 1000 shared customers, including Deloitte, Prudential Financial and T-Mobile.
Workfront is equipped with APIs which can enable a connection to Adobe Creative Cloud and Adobe Experience Cloud, and can further Adobe’s leadership in customer experience management. Workfront helps marketers efficiently manage content, plan and track marketing campaigns, and execute workflows across teams.
Alex Shootman, Workfront CEO, 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.”