Adobe To Acquire Video Innovation Firm Frame.io For $1.3B - Adobe (NASDAQ:ADBE)

Adobe Inc (NASDAQ:ADBE) agreed to acquire cloud-based video collaboration platform Frame.io for $1.275 billion.
Frame.io streamlines the video production process by seamlessly enabling video editors and key project stakeholders to collaborate using cloud-first workflows.
The arrangement is likely to deliver a collaboration platform that powers the video editing process.
Frame.io joins Adobe to drive video innovation for the world's leading media and entertainment companies, agencies, and brands, Frame.io CEO Emery Wells said.
The transaction is likely to close in Q4 of FY21.
Adobe held $5.8 billion in cash and equivalents as of June 4.
Price Action: ADBE shares closed higher by 1.74% at $637.66 on Thursday.

To add Benzinga News as your preferred source on Google, click here.