Computer software behemoth Adobe has announced it has entered into a definitive agreement to acquire B2B cloud marketing platform Marketo for $5.14 billion.
Marketo’s ecosystem includes nearly 5,000 customers, 500 partners and a marketing community of over 65,000 members.
The acquisition, which is expected to close during the fourth quarter of Adobe’s 2018 fiscal year, is subject to regulatory approval and customary closing conditions. Until the transaction closes, each company will continue to operate independently.
Upon close, Marketo CEO Steve Lucas will join Adobe’s senior leadership team and continue to lead the Marketo team as part of Adobe’s digital experience business, reporting to executive vice president and general manager Brad Rencher.
Rencher said the acquisition widens Adobe’s lead in customer experience across B2C and B2B, and puts Adobe Experience Cloud “at the heart of all marketing”.
Lucas said: “Adobe and Marketo both share an unwavering belief in the power of content and data to drive business results.
“Marketo delivers the leading B2B marketing engagement platform for the modern marketer, and there is no better home for Marketo to continue to rapidly innovate than Adobe.”