- Adobe Inc 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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