Adobe announced it has entered into a definitive agreement to acquire Frame.io, a leading cloud-based video collaboration platform.
With over a million users across media and entertainment companies, agencies, and global brands, Frame.io streamlines the video production process by enabling video editors and key project stakeholders to seamlessly collaborate using cloud-first workflows, the company said in its statement.
The combination of Adobe’s industry-leading creative software, including Premiere Pro and After Effects video editing products, and Frame.io’s review and approval functionality, will deliver a collaboration platform that powers the video editing process, it added.
“We’ve entered a new era of connected creativity that is deeply collaborative, and we imagine a world where everyone can participate in the creative process,” said Scott Belsky, Chief Product Officer and Executive Vice President, Creative Cloud. “With this acquisition, we’re welcoming an incredible customer-oriented team and adding Frame.io’s cloud-native workflow capabilities to make the creative process more collaborative, productive, and efficient to further unleash creativity for all.”
“Frame.io and Adobe share a vision for the future of video creation and collaboration that brings together Adobe’s strength in video creation and production and Frame.io’s cloud-native platform,” said Emery Wells, Frame.io co-founder and CEO. “We’re excited to join Adobe to continue to drive video innovation for the world’s leading media and entertainment companies, agencies, and brands.”
Upon close, Frame.io co-founder and CEO Emery Wells and co-founder John Traver will join Adobe. Wells will continue to lead the Frame.io team, reporting to Scott Belsky. The transaction, valued at $1.275 billion, subject to customary purchase price adjustments, is expected to close during the fourth quarter of Adobe’s 2021 fiscal year and is subject to regulatory approval and customary closing conditions. Until the transaction closes, each company will continue to operate independently.
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