Adobe Inc. is acquiring Frame.io, a startup which makes video collaboration software, for about $1.3 billion in cash, a senior Adobe executive said in an interview, Report informs referring to Bloomberg.
Frame.io will bring more capabilities to Adobe’s creative cloud, which houses Adobe Photoshop and Illustrator, said Scott Belsky, Adobe’s chief product officer and executive vice president of Creative Cloud.
Frame.io was started in 2015, a few years after its founders came up with the concept for the company. It’s backed by Insight Partners and Accel.
Frame.io serves clients such as broadcasters, media agencies, and brands, its founder and chief executive officer Emery Wells said. Wells and co-founder John Traver will join Adobe after the deal’s close, which is expected in the fourth quarter of Adobe’s 2021 fiscal year.