Adobe has announced an agreement to acquire Frame.io, a cloud-based video collaboration platform, in a transaction valued at $ 1.275 billion.
Adobe said the deal is expected to close in the fourth quarter of its 2021 fiscal year (which ends in late November), subject to regulatory approval and other closing conditions.
Upon closing, 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, Adobe Product Director and Executive Vice President of Adobe Creative Cloud.
Founded in 2015 and launched in March 2016, Frame.io claims to have over one million users across media and entertainment companies, agencies, and brands. The company’s system helps clients manage the video production process by enabling editors and other project stakeholders to collaborate using cloud-based workflows.
New York-based Frame.io had raised around $ 90 million from investors such as FirstMark, Shasta Ventures, Accel, Insight Partners and SignalFire, according to Crunchbase. According to the company, Frame.io customers include HBO, Netflix, BuzzFeed, Activision Blizzard, Vice Media, Fox Sports, and MasterClass.
Adobe has announced plans to further integrate Frame.io’s review and approval functionality into its authoring software products, including the Premiere Pro and After Effects video editing packages, as well as Photoshop, Illustrator, and other applications. Adobe Creative Cloud.
âWe have entered a new era of connected creativity that is deeply collaborative, and we envision a world where everyone can participate in the creative process,â Belsky said in a statement. âWith this acquisition, we welcome an incredible customer-centric team and add Frame.io’s cloud-native workflow capabilities to make the creative process more collaborative, productive and efficient to further unleash creativity for all. “
In a message to customers about the Adobe deal, Wells recalled how he and Traver launched Frame.io “within the confines of our boutique post-production company in New York” over five years ago. .
âIt was a product built with a deep appreciation for the needs of video professionals, born out of our own experiences as post-production experts,â Wells wrote. As a member of Adobe, he added, “we will continue our mission to transform the video landscape.”