ADBE Adobe Inc

By Kimberly Chin

Adobe Inc. has agreed to acquire Workfront Inc., a work-management platform aimed at marketers, for $1.5 billion.

"Satisfying the increasing expectations of B2B and B2C customers today requires large volumes of content and personalized marketing campaigns delivered at lightning speed and scale. This must be accomplished across increasingly dispersed teams, as remote work becomes prevalent in today's environment and the future of work is redefined," Adobe said Monday.

Workfront's Chief Executive Officer Alex Shootman will continue leading Workfront, the company said, but he will report to Adobe Executive Vice President Anil Chakravarthy, who heads digital experience and worldwide field operations.

Workfront, which has about 3,000 customers and 1 million users, helps marketers manage content and team workflows as well as plan and track marketing campaigns, the company said.

The deal is expected to close in the first quarter of fiscal 2021.

Adobe's shares rose 1% in after-hours trading to $476.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

November 09, 2020 17:07 ET (22:07 GMT)

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