(Reuters) - Photoshop maker Adobe Inc ADBE.O said on Monday it would buy Workfront, a work management platform for marketers, for $1.5 billion to help its customers collaborate better at a time when millions are forced to work from home.
Workfront, which has more than 3,000 customers and one million users, helps companies manage content, plan and track marketing campaigns as they attempt to keep productivity levels up with most of their employees working remotely.
Both companies are longstanding partners and already have over 1,000 shared customers.
Adobe is a premier software firm housing the industry’s most renowned graphics and photo editing application, however, it has not had the same success with collaboration tools.
Upon close, Workfront Chief Executive Officer Alex Shootman will continue to lead the Workfront team, Adobe said in a statement.
The deal is expected to close during Adobe’s first quarter of fiscal 2021.
Reporting by Shradha Singh in Bengaluru; Editing by Aditya Soni and Shailesh Kuber
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