Benzinga | Aug 20, 2021 07:03AM EDT

Adobe To Acquire Video Innovation Firm Frame.io For $1.3B

* Adobe Inc (NASDAQ:ADBE) agreed to acquire cloud-based video collaboration platform Frame.io for $1.275 billion.

* Frame.io streamlines the video production process by seamlessly enabling video editors and key project stakeholders to collaborate using cloud-first workflows.

* The arrangement is likely to deliver a collaboration platform that powers the video editing process.

* Frame.io joins Adobe to drive video innovation for the world's leading media and entertainment companies, agencies, and brands, Frame.io CEO Emery Wells said.

* The transaction is likely to close in Q4 of FY21.

* Adobe held $5.8 billion in cash and equivalents as of June 4.

* Price Action: ADBE shares closed higher by 1.74% at $637.66 on Thursday.