Software major Adobe is set to acquire Workfront , a work management platform for marketers, for $1.5 billion.
The acquisition of Workfront will bring efficiency, collaboration, and productivity gains to marketing teams currently challenged with siloed work management solutions, Adobe said on Monday.
The transaction is expected to close during the first quarter of Adobe’s 2021 fiscal year.
“The combination of Adobe and Workfront will accelerate Adobe’s leadership in customer experience management, providing a solution that spans the entire lifecycle of digital experiences, from ideation to activation,” Anil Chakravarthy, EVP and GM, Digital Experience Business and Worldwide Field Operations, Adobe, said in a statement.
With more than 3,000 customers and one million users, Workfront — based in Lehi, Utah — helps marketers to efficiently manage content, plan and track marketing campaigns, and execute complex workflows across teams.
Upon close, Workfront CEO Alex Shootman will continue to lead the Workfront team, reporting to Anil Chakravarthy.
Adobe and Workfront are longstanding partners with strong product synergies and a growing base of over 1,000 shared customers.
Shared Adobe and Workfront customers include Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile, and The Home Depot.
Adobe earlier said it achieved record quarterly revenue of $3.23 billion in its third quarter of fiscal year 2020, which represents 14 percent year-over-year growth.
Workfront in March 2019 announced W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors acquired a minority stake in the company for approximately $280 million from existing equity holders.
Workfront completed a record year in 2018, with approximately $200 million in revenue, more than 3,000 customers, and more than 1,000 employees.
Workfront is the first enterprise application platform for knowledge workers, helping people get their best work done by automating projects and processes, managing content, and providing company-wide collaboration in a single system of record.
Workfront has achieved growth in large enterprise customers of more than 155 percent over the past three years. Workfront customers include 50 of the Fortune 100 companies and 9 of Inc. Magazine’s Top 10 most valuable brands.