: Adobe to acquire Workfront for $1.5 billion

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Adobe Inc. ADBE said late Monday it plans to acquire work management software company Workfront for $1.5 billion. Adobe expects the deal to close in its first fiscal quarter that ends in February. Workfront will operate independently until then, after which Workfront Chief Executive Alex Shootman will report to Anil Chakravarthy, who heads Adobe’s digital experience business and worldwide field operations. Adobe shares, which closed Monday down 4.8%, were up 1% after hours.
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