Adobe buying Frame.io in $1.28B deal
Adobe announced today it is acquiring Frame.io, a video review and collaboration platform used by over a million customers, for $1.275 billion in cash.
Founded in 2014 by post-production company owner Emery Wells and technologist John Traver, New York-based Frame.io was created to solve the workflows challenges filmmakers faced in their daily lives.
Today, the Frame.io platform helps creative professionals streamline the video creation process by centralizing media assets, including dailies, scripts, storyboards, work-in-progress and more, while also allowing for frame-accurate feedback and comments, annotations and real-time approvals. The company additionally touts faster upload speeds than other cloud hosting services, like Vimeo, Box, Dropbox and others.
Frame.io has raised $90 million in venture funding over its lifetime, and in November 2019, announced a $50 million Series C led by Insight Partners that included participation from Accel, FirstMark, SignalFire and Shasta Ventures. Accel led the company's seed and Series A rounds in 2015.
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Adobe said the combination of its creative software, including Premiere Pro and After Effects video editing products, and Frame.io's review and approval functionality would deliver a collaboration platform that powers the video editing process." The Frame.io web platform was designed to be a part of its customer's existing processes, by integrating with non-linear editing systems (NLEs) such as Adobe Premiere Pro. Such integrations allow editors to upload directly to Frame.io, then organize and share their products both internally and with external clients.
Whether it's the latest binge-worthy streaming series, a social media video that sparks a movement, or a corporate video that connects thousands of remote workers, video creation and consumption is experiencing tremendous growth," Adobe said in a statement. ...Today's video workflows are disjointed with multiple tools and communication channels being used to solicit stakeholder feedback. Frame.io eliminates the inefficiencies of video workflows by enabling real-time footage upload, access, and in-line stakeholder collaboration in a secure and elegant experience across surfaces."
The deal is expected to close during the fourth quarter of Adobe's 2021 fiscal year, and is subject to regulatory approval and customary closing conditions. Once the deal closes, Wells and Traver will join Adobe. Wells will continue to lead the Frame.io team, reporting to Scott Belsky, Adobe's chief product officer and EVP of Creative Cloud.
Forrester Senior Analyst Nick Barber believes that more brands are turning to video because they consider it the most powerful medium" for delivering emotional impact.
Bringing Frame.io under the Adobe roof means video editing with colleagues will be more like collaboratively working on a Google Doc," Barber said. The acquisition also means that Adobe will move higher up into the creative process. One of the biggest challenges for Adobe with this acquisition will be driving adoption for the hesitant or budget-strapped brands that aren't big production houses."
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