Adobe (NASDAQ: ADBE) is reaching deep into its coffers for a new asset buy. The company announced Tuesday that it signed a deal to acquire privately held office software specialist Workfront for $1.5 billion. The two companies are longstanding business partners. According to Adobe, it and Workfront -- which it describes as "the leading work management platform for marketers" -- currently share more than 1,000 clients. Workfront's total customer count is over 3,000, while Adobe's user base tops 1 million. Adobe''s client list is varied and includes such familiar companies as Under Armour, Home Depot, and Deloitte. Image source: Getty Images. Workfront's platform will be added to Adobe's Experience Cloud, an omnibus software platform that includes numerous marketing and analytical functionalities. In Adobe's press release touting the acquisition, Executive Vice President and General Manager Anil Chakravarthy said that the "combination of Adobe and Workfront will further accelerate Adobe's leadership in customer experience management, providing a pioneering solution that spans the entire lifecycle of digital experiences, from ideation to activation." Adobe has not specified how it will fund the acquisition. As of Aug. 28, the company had nearly $3.8 billion in cash and equivalents on its books. The company expects the deal to close in Q1 of its fiscal 2021. The acquisition is subject to approval from the relevant regulatory bodies. Until the transaction is complete, Adobe and Workfront will continue to operate as independent companies. Following that, current Workfront CEO Alex Shootman will continue to lead that business while reporting to Chakravarthy. 10 stocks we like better than Adobe SystemsWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Adobe Systems wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Eric Volkman has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Adobe Systems, Home Depot, and Under Armour (C Shares). The Motley Fool has a disclosure policy.Source