M&A Deal Summary

Adobe Acquires Workfront

On November 9, 2020, Adobe acquired internet software and services company Workfront from W Capital Partners, Susquehanna Growth Equity and Escalate Capital for 1.5B USD

Acquisition Highlights
  • This is Adobe’s 17th transaction in the Internet Software and Services sector.
  • This is Adobe’s 5th largest (disclosed) transaction.
  • This is Adobe’s 39th transaction in the United States.
  • This is Adobe’s 2nd transaction in Utah.

M&A Deal Summary

Date 2020-11-09
Target Workfront
Sector Internet Software and Services
Buyer(s) Adobe
Sellers(s) W Capital Partners
Susquehanna Growth Equity
Escalate Capital
Deal Type Add-on Acquisition
Deal Value 1.5B USD

Target

Workfront

Lehi, Utah, United States
website
Workfront, Inc. is a provider of Software as a Service (SaaS)-based project management and collaborative workforce management solutions. Workfront is the first enterprise application platform for knowledge workers, helping people get their best work done by automating projects and processes, managing content, and providing company-wide collaboration in a single system of record. Workfront was established in 2001 and is based in Lehi, Utah.

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Buyer(S) 1

Buyer

Adobe

San Jose, California, United States

website


Category Company
Founded 1982
Sector Software
Employees29,239
Revenue 17.6B USD (2022)
DESCRIPTION
Adobe's corporate headquarters in San Jose, California.
Adobe's corporate headquarters in San Jose, California.

Adobe is a diversified software company that offers a line of products and services used by creative professionals, marketers, knowledge workers, application developers, enterprises and consumers for creating, managing, delivering, measuring, optimizing and engaging with content and experiences across multiple operating systems, devices and media. Adobe markets and licenses products and services directly to enterprise customers through a sales force and to end users through app stores and its own website. Adobe offers many products via a Software-as-a-Service model or a managed services model as well as through term subscription and pay-per-use models. The Company also distributes certain products and services through a network of distributors, value-added resellers, systems integrators, independent software vendors, retailers, software developers and original equipment manufacturers. In addition, Adobe licenses technology to hardware manufacturers, software developers and service providers for use in their products and solutions. Adobe's products run on personal and server-based computers, as well as on smartphones, tablets and other devices. Adobe has operations in the Americas, Europe, Middle East and Africa, and Asia-Pacific. Adobe was incorporated in 1982 and is based in San Jose, California.


DEAL STATS #
Overall 50 of 52
Sector (Internet Software and Services) 17 of 18
Type (Add-on Acquisition) 47 of 49
State (Utah) 2 of 2
Country (United States) 39 of 40
Year (2020) 1 of 1
Size (of disclosed) 5 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-23 Allegorithmic

Clermont, France

Allegorithmic is a developer of Substance app for 3D textures and material creation in game and video post-production. Allegorithmic is based in Clermont, France.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-19 Frame.io

New York, New York, United States

Frame.io is a video review and approval platforms with over 1 million users. Integrated with most major professional video tools, Frame.io streamlines the creative process by centralizing assets and feedback in the cloud. This allows remote creative teams to collaborate securely and in real time from anywhere in the world. Frame.io was founded in 2015 and is based in New York City.

Buy $1.3B

Seller(S) 3

SELLER

W Capital Partners

Investor Investor Investor Investor Investor

website


Category Secondary Investor
Founded 2001
PE ASSETS 3.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

W Capital Partners is a private investment group focused on direct secondary investments. W Capital Partners has a particular interest in growth equity secondary investments as well as buyout minority secondary investments, where existing shareholders are looking for liquidity. W Capital Partners is based in New York City.


DEAL STATS #
Overall 16 of 18
Sector (Internet Software and Services) 3 of 4
Type (Add-on Acquisition) 5 of 5
State (Utah) 2 of 2
Country (United States) 14 of 16
Year (2020) 2 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-05 Ravn Air

Anchorage, Alaska, United States

Ravn Air is a provider of regional air transportation and logistics services in the state of Alaska. Ravn Air is based in Anchorage, Alaska.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-12 Billtrust

Lawrenceville, New Jersey, United States

Billtrust is a provider of cloud-based payment cycle management solutions. Billtrust helps companies automate and accelerate their accounts receivable (AR) processes to increase cash flow, improve operational efficiency, and drive customer satisfaction. Billtrust was established in 2001 and is based in Lawrenceville, New Jersey.

Sell -
SELLER

Susquehanna Growth Equity

Bala Cynwyd, Pennsylvania, United States

Investor Investor Investor Investor Investor

website


Category Growth Capital Firm
Founded 2006
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Susquehanna Growth Equity (SGE) is the private equity arm of The Susquehanna International Group of Companies. SGE focuses on companies that help streamline payments and related transactions. This includes SaaS, payments and transaction processing, capital markets technology, and internet/information services. SGE looks to commit $5 to $50 million in companies with at least $5 million of revenue. The Firm will consider both control and minority positions and targets opportunities across North America, Europe, and Israel. SGE was established in 2006 and is headquartered in Philadelphia, Pennsylvania.


DEAL STATS #
Overall 23 of 30
Sector (Internet Software and Services) 10 of 12
Type (Add-on Acquisition) 14 of 19
State (Utah) 1 of 1
Country (United States) 21 of 26
Year (2020) 5 of 5
Size (of disclosed) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-10-30 Fundera

New York, New York, United States

Fundera, Inc. is an online marketplace that connects small business owners with the best funding providers for their businesses by working with prescreened lenders to assemble the highest quality funding sources. Fundera was established in 2013 and is based in New York City.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 Realync

Carmel, Indiana, United States

Realync is a video leasing & resident engagement solution for the multifamily housing industry. The company helps thousands of apartment communities market, lease, and manage their properties more efficiently. Realync’s cloud-based platform enables leasing professionals to both livestream and pre-record video tours, as well as distribute videos to prospects and tenants, using nothing more than their mobile device. Realync is based in Carmel, Indiana.

Buy -
SELLER

Escalate Capital

Austin, Texas, United States

Investor Investor Investor Investor Investor

website


Category Mezzanine Finance Firm
Founded 2005
PE ASSETS 830M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Escalate Capital Partners is a private investment firm focused on providing capital to expansion and late-stage companies. The Firm focuses its investment activity within the technology, life sciences, and service-based industries. Prospective financing solutions include senior, subordinated and mezzanine debt. Escalate's target investment size is $5 to $30 million. Escalate Capital Partners has offices in Menlo Park, California and Austin, Texas.


DEAL STATS #
Overall 30 of 36
Sector (Internet Software and Services) 8 of 9
Type (Add-on Acquisition) 17 of 23
State (Utah) 1 of 2
Country (United States) 30 of 36
Year (2020) 5 of 5
Size (of disclosed) 1 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-09 Revionics

Austin, Texas, United States

Revionics, Inc. is a provider of End-to-End Merchandise Solutions, including shopper-centric assortments, micro, and macro space allocation, pricing, promotions, and markdowns. Revionics solutions improve retailer sales, profits, and customer loyalty through sophisticated consumer-demand intelligence and proprietary retail-pricing science. Revionics was founded in 2002 and is based in Austin, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 ThreatQuotient

Reston, Virginia, United States

ThreatQuotient improves security operations by fusing together data sources, tools & teams to accelerate threat detection & response. ThreatQuotient’s data-driven security operations platform helps teams prioritize, automate & collaborate on security incidents; enables more focused decision making; & maximizes limited resources by integrating existing processes & technologies into a unified workspace. ThreatQuotient was founded in 2013 and is based in Reston, Virginia.

Buy -