Editing and effects software provider Adobe Systems plans to purchase animation and asset management software developer Macromedia in an all-stock transaction valued at about $3.4 million. The acquisition is expected to be finalized in the fall.
Adobe said the combination of the two companies’ assets will provide customers with a powerful set of solutions for creating, managing and delivering digital content across multiple operating systems, devices and media.
Under terms of the agreement, which has already been approved by both boards of directors, Bruce Chizen, chief executive officer of Adobe, will continue as CEO and Shantanu Narayen will remain president and CEO of the new, wholly owned Macromedia division of Adobe. Stephen Elop, president and CEO of Macromedia, will join Adobe as president of worldwide field operations.
For more information, visit www.adobe.com.