RTTNews | Aug 19, 2021 05:08PM EDT

17:08 Thursday, August 19, 2021 (RTTNews.com) - Adobe (ADBE) Thursday said it has agreed to buy Frame.io, a cloud-based video collaboration platform. The transaction is valued at $1.275 billion and is expected to close during the fourth quarter.

Frame.io, which has over million users, allows users to streamline video production process by enabling video editors and key project stakeholders to seamlessly collaborate using cloud-first workflows.

Upon closing of the deal, 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.

"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."

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