- Adobe (NASDAQ:ADBE) recently announced it entered into a definitive agreement to buy Workfront for $1.5 billion. These are the details about the deal.
Adobe (NASDAQ:ADBE) recently announced it entered into a definitive agreement to buy Workfront, which is a leading work management platform for marketers. The deal was valued at $1.5 billion and it is subject to customary purchase price adjustments.
With over 3,000 customers and 1 million users, Workfront is the solution marketers rely on every day to efficiently manage content, plan and track marketing campaigns, and execute complex workflows across teams. And Adobe’s solutions are at the nexus of creativity and customer experience management and essential to marketers, creatives, analysts, and operations managers.
Adobe Creative Cloud offers the world’s best creative apps and services to everyone, from students, to social media influencers, to professional photographers, filmmakers, and designers. And Adobe Experience Cloud is the most comprehensive solution for content and commerce, customer journey management, and customer data and insights — all built on an open platform, enabling businesses of every size across every industry to deliver exceptional customer experiences at scale.
The combination of Adobe Experience Cloud and Workfront will bring efficiency, collaboration, and productivity gains to marketing teams currently challenged with siloed work management solutions. Workfront is known for having deep leadership in orchestrating marketing workflows. And Workfront’s platform is agile and uniquely architected for the enterprise with extensive integration capabilities that can be easily configured to meet the varied needs of companies of all sizes.
Adobe and Workfront have been longstanding partners with strong product synergies and a growing base of over 1,000 shared customers. Workfront is equipped with APIs that enable a seamless connection to Adobe Creative Cloud and Adobe Experience Cloud. The shared Adobe and Workfront customers include Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile, and The Home Depot.
Upon the close, Workfront CEO Alex Shootman will continue to lead the Workfront team, reporting to Anil Chakravarthy, executive vice president and general manager of Digital Experience Business and Worldwide Field Operations.
And the transaction — which is expected to close during the first quarter of Adobe’s 2021 fiscal year — is subject to regulatory approval and customary closing conditions. Until the deal closes, each company will continue to operate independently.
KEY QUOTES:
“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.”
— Alex Shootman, Workfront CEO
“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.”
— Anil Chakravarthy, executive vice president and general manager, Digital Experience Business and Worldwide Field Operations, Adobe
