Adobe has announced that it will acquire project management software provider Workfront in a $1.5 billion deal. The acquisition is expected to be finalized sometime between now and February 2021 and will see Adobe add to its portfolio of marketing tools.
Workfront has managed to gain a userbase of a million by offering a central application tool that enables employees to do their best work.
Whether businesses are driving digital transformation or launching global marketing campaigns, Workfront allows marketers to plan campaigns, track their effectiveness and execute complex workflows.
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“Adobe is the undisputed leader in content creation, management, delivery, and measurement and a trusted partner to digital leaders around the globe,” Anil Chakravarthy, executive vice president and general manager of the Digital Experience Business and Worldwide Field Operations at Adobe, commented.
“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.”
Billion-dollar deal
Both Adobe and Workfront have a number of synergies that the two firms will be hoping to tap into as part of their formal partnership. Marketers are major clients for both companies, which share customers including Deloitte, T-Mobile, Under Armour and The Home Depot. Several of Workfront’s APIs are also already compatible with Adobe products.
Going forward, current CEO Alex Shootman will continue to head up the Workfront team, reporting to Chakravarthy. Together they will be tasked with drumming up business in a rapidly changing industry.
During the coronavirus pandemic, businesses have sought more detailed analysis into the performance of their marketing campaigns as budgets continue to be squeezed. The partnership between Adobe and Workfront could deliver the kind of insights they are looking for.
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