Adobe acquires for $1.275 billion

On Thursday, Adobe announced that it is acquiring the popular collaborative video maker software for $1.275 billion. will keep operating independently until Adobe’s deal closes.

Adobe confirmed that it tried to make its own video collaboration software but decided to buy because of its existing customer base. Adobe thinks that combining the and Creative Cloud teams will bring exciting innovation to video creators. The company will integrate deeply into Premiere Pro and other Adobe products. CEO Emery Wells and co-founder John Traver will join Adobe. Wells will still lead the team and will report to Adobe’s chief product officer, Scott Belsky.

Emery Wells has also confirmed, “The product you know and love is not going anywhere.” So, existing users need not worry.

The deal is expected to close by the fourth quarter of the 2021 fiscal year.

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