Shantanu Narayen, CEO, Adobe. Photo credit: Fortune Live Media, licensed under CC BY-NC-ND 2.0

Multimedia software company Adobe has announced that it’s reached a deal to acquire Workfront, a Utah-based work management platform geared for marketers, for $1.5 billion. The deal marks a big win for Workfront, which has raised about $100 million in outside funding to date (PitchBook data). In March last year, a trio of investment firms acquired a minority stake in Workfront for $280 million and will likely see a significant return on their investments from Adobe’s acquisition.

With Workfront, Adobe is getting a work management platform that’s used by more than 3,000 enterprise customers. Before now, both companies were already partners, with Workfront’s platform having direct connections to some of Adobe’s software tools. 

Upon completion of the acquisition, Workfront’s current Chief Executive Officer, Alex Shootman, will continue to lead the company but now as a division under Adobe. In his role, he’ll report to Anil Chakravarthy, an Adobe executive vice president.

Adobe’s Workfront acquisition is expected to close sometime between December this year to February 2021. The $1.5 billion price tag marks Adobe’s fifth-biggest acquisition since in its lifetime.

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