Adobe to Purchase Workfront in a Deal Worth $1.5 Billion

Multimedia and creativity software products company Adobe Inc. (ADBE) will be purchasing Workfront, a marketing work management startup in a deal worth $1.5 billion.

Adobe believes this acquisition will helps its clients link better especially at this time when many workers have been pushed to work from home due to unavoidable circumstances courtesy of the pandemic.

Workfront has about a million users and over 3,000 customers. The company helps its customers to plan, track and manage campaigns in their companies as they maintain productivity levels while a majority of their workers are working remotely.

On the other hand, Adobe is well-known for its graphics and photo editing application nonetheless the company has failed to replicate the success with collaboration tools.

Adobe says it expects to close the deal during its first fiscal quarter of next year.

Additionally Adobe said following closure of the deal, Chief Executive Officer of Workfront Alex Shootman will continue to head the Workfront team.

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