Workfront

Workfront — the software developer founded in 2001 for project management. The company develops tools for control and management using which managers can estimate the potential and progress of the current projects, a set of the strategic and financial objectives, to check corporate initiatives and encouragement, to aim at those projects which will provide the greatest efficiency for business, it is told on the website of vendor.

History

2020: Adobe purchased Workfront for $1.5 billion

On November 10, 2020 Adobe announced purchase of Workfront for $1.5 billion. It is going to close the transaction until the end of February, 2021.

As soon as all formalities concerning the signed agreement are executed, the CEO of Workfront Alex Shutman will submit directly to the executive vice president and the chief manager of Adobe on digital technologies Anil Chakravarti. At the same time Shutman will continue to direct the Workfront command.

As notes Bloomberg, Adobe for decades remains the leading player in the market of software for graphic design and creation of visual effects, however the company to these had no own tools for joint work. Since the beginning of 2020 on November 10 of a stock of Adobe 46% rose in price, and market capitalization makes $230 billion now.

Adobe purchased software developer for project management of Workfront for $1.5 billion

Before it was announced Workfront sale, the company attracted in total $100 million. The software maker has more than 3 thousand clients among the companies (among them — Deloitte, Under Armour, Nordstrom, Prudential Financial, T-Mobile and The Home Depot) and also 1 million users of products.

Consolidation of Adobe and Workfront will even more strengthen leadership of Adobe in management of client experience, having provided the most advanced solution covering all lifecycle of management of digital experience of the idea before start — Anil Chakravarti said.[1]

Notes