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UPDATE 1-Adobe to buy Frame.io in $1.27 billion deal

(Updates with details on the deal)

Aug 19 (Reuters) - Adobe Inc said on Thursday it would buy Frame.io, a cloud-based video collaboration platform, in a $1.27 billion deal.

Frame.io streamlines the video production process by enabling video editors and key project stakeholders to collaborate using cloud-first workflows.

Adobe said Frame.oi has more than a million users across media and entertainment companies, agencies, and global brands.

“Acquisition brings together Adobe creative cloud’s leading video capabilities with Frame.io’s cloud-first workflow functionality to create end-to-end video collaboration platform,” the company said.

The deal is expected to close in the fourth quarter. After the deal close, Frame.io co-founder and Chief Executive Emery Wells and co-founder John Traver will join Adobe. (Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur)

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