LogInAdobe plans to acquire cloud-based video collaboration platform Frame.io for $1.275 billion.
The deal is set to be finalized in the fourth quarter of 2021. The announcement states Frame.io co-founders Emery Wells and John Traver will join Adobe’s Creative Cloud team.
The goal of the acquisition is to integrate Frame.io with Adobe software tighter. They noted that they still plan to continue to invest in integrations for rival tools.
The cloud-based platform has over a million users, including Vice, Netflix, Buzzfeed, and Adobe which has been using the service for creating videos for its website, social media, and events.
CEO Emery Wells says the goal is to make Premiere Pro "the world’s most collaborative video editing platform". Adobe chief product officer Scott Belsky added that Frame.io will let them provide cloud-first collaboration for video. "Longer term, we have ambitious plans to bring advanced collaboration and groundbreaking technology, including expanded use of artificial intelligence, to video production," he said.
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