Adobe Inc. (NasdaqGS:ADBE) entered into a definitive agreement to acquire Frame.io, inc. from Accel Partners, Insight Venture Management, LLC and Others for $1.3 billion on August 19, 2021. Adobe expect to finance the acquisition using existing cash, cash equivalent and short-term investment balances.The transaction, valued at $1.275 billion, subject to customary purchase price adjustments. Until the transaction closes, Adobe and frame.io will continue to operate separately. Upon close, Frame.io co-founder and Chief Executive Officer Emery Wells and co-founder John Traver will join Adobe. Emery Wells will continue to lead the Frame.io team, reporting to Scott Belsky. The transaction is subject to regulatory approval and customary closing conditions and expected to close during the fourth quarter of Adobes 2021 fiscal year. Edward D. Herlihy, Jenna E. Levine, Jacob A. Kling, Nelson O. Fitts, Erica E. Bonnett, Emily D. Johnson and T. Eiko Stange of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisors to Adobe Inc.
Adobe Inc. (NasdaqGS:ADBE) completed the acquisition Frame.io, inc. from Accel Partners, Insight Venture Management, LLC and Others on October 7, 2021.