Adobe To Buy Workfront For $1.5 Bln

(RTTNews) - Adobe Inc. (ADBE) Monday announced it has agreed to acquire Workfront, a work management platform for marketers, for $1.5 billion.

The deal is expected to close during the first quarter of 2021, subject to regulatory approval and customary closing conditions. Until the transaction closes, each company will continue to operate independently.

Upon close, Workfront CEO Alex Shootman will continue to lead the Workfront team, reporting to Anil Chakravarthy, executive vice president and general manager, Digital Experience Business and Worldwide Field Operations.

"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. "We're excited to join Adobe and believe this will be a tremendous opportunity for our customers and partners."

Adobe said that Workfront is equipped with APIs that enable a seamless connection to Adobe Creative Cloud and Adobe Experience Cloud. Adobe and Workfront share 1,000 of customers, including Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile, and The Home Depot.

ADBE closed Monday's trading at $471.14, down $23.49 or 4.75%, on the Nasdaq. The stock, however, gained $0.05 or 0.01%, in the after-hours trade.