American Adobe, the world’s largest developer of image processing software, has entered into an agreement to purchase the developer of the Workfront marketing platform for $1.5 billion.
According to the press release of Adobe, the closing of the deal is scheduled for the financial quarter, which will be completed in late February 2021.
Adobe intends to integrate Workfront with its service for online marketing Adobe Experience Cloud. The developer of Photoshop noted that Adobe and Workfront are longstanding partners and have a common client base, which includes more than 1 thousand companies, including Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile and The Home Depot.
“The combination of Adobe Experience Cloud and Workfront will increase the efficiency, collaboration and productivity of marketing groups that face difficulties because of fragmented workflow management solutions,” Adobe said.
After the closing of the deal, Workfront CEO Alex Shutman will remain at the head of the Workfront team and will report directly to Adobe’s Executive Vice President and General Manager of Digital Technology, Anil Chakraworthy.
Workfront was created in 2001 and was previously called AtTask. The company has over 3,000 customers and 1 million users.
Adobe shares went up by 1% on additional trading on Monday.