Adobe to acquire Workfront for $1.5 billion

Adobe has announced that it has entered into a definitive agreement to acquire Workfront, a leading work management platform for marketers.

Adobe will acquire Workfront for $1.5 billion, subject to customary purchase price adjustments.

Founded back in 2001, Workfront has 3,000 customers and one million users. The platform helps marketers “manage content, plan and track marketing campaigns, and execute complex workflows across teams”.

The two companies already have over 1,000 shared customers which include Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile, and The Home Depot.

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Adobe will be bringing Workfront to its Adobe Experience Cloud.

Anil Chakravarthy, Executive Vice President and General Manager, Digital Experience Business and Worldwide Field Operations, Adobe, said, “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.”

“Adobe and Workfront share a common affinity to help the modern marketer thrive in an ever-evolving, increasingly demanding setting,” said Alex Shootman, CEO, Workfront.

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Shootman will continue to lead the Workfront team and will be reporting to Chakravarthy.

Adobe expects the transaction to close during the first quarter of fiscal year 2021, subject to regulatory approval and customary closing conditions. Until the transaction closes, each company will continue to operate independently.