American computer software company Adobe is set to acquire workflow management firm Workfront. As stated in a press statement, Adobe will acquire the startup for $1.5 billion, and the transaction will be completed in the first quarter of Adobe’s 2021 fiscal year.
The completion of the acquisition is also subject to regulatory approval. Before finalizing the transaction, both companies will continue operating independently.
Over the years, Workfront has emerged as a leader in enterprise work management, with over 3,000 companies. Currently, the company enjoys about one million users.
Some of the Workfront customers include Home Depot, T-Mobile, and Deloitte. Before the deal, Workfront already has an API that connects to Adobe Creative Cloud and Experiences Cloud.
The acquisition gives Adobe more online marketing tooling to fit into its cloud services.
Adobe to accelerate customer experience
Workfront CEO Alex Shootman commented on the deal, highlighting how it will boost the company. According to Shootman:
“We are barely scratching the surface of marketing and we could grow tremendously, just by having that great kind of integrated relationship.”
The acquisition of Workfront will accelerate Adobe’s leadership in customer experience management, providing a pioneering solution that spans digital experiences’ entire life cycle.
The acquisition comes two years after Adobe acquired Commerce software provider Magento for $1.68 billion in May 2018. Later that year, Adobe also acquired marketing automation company Market for $4.75 billion later that year.
Featured image via Adobe Blog.