Adobe to Buy Workfront for $1.5 Billion to Aid Collaboration
- Closely held software company has about 1 million users
- Deal brings business collaboration tools to Photoshop maker
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Adobe Inc. said it will acquire Workfront Inc. for $1.5 billion to add a collaboration tool to its marketing software, providing expanded offerings during a pandemic that has forced companies to maintain productivity while employees work from home.
The deal is expected to close sometime from December to February 2021, San Jose, California-based Adobe said Monday in a statement. Workfront, based in Lehi, Utah, will take its 3,000 corporate customers and 1 million users to the software maker best known for Photoshop. Bloomberg earlier reported that the acquisition could come as soon as Monday.