Workfront Acquisition, Valuation, Funding & Investors
Workfront was acquired by Adobe for $1.5B in November 2020, a 7.5x multiple on $200M of revenue.
Workfront revenue at acquisition
$200M
Last twelve months · Nov 2020
Workfront revenue multiple at acquisition
7.5x
EV/Revenue · Nov 2020
Cumulative funding Workfront raised
$71M
across 2 funding rounds
About Workfront
Workfront is a cloud-based enterprise work management platform acquired by Adobe. It facilitates planning, resource allocation, and collaboration for marketing, IT, and creative teams. Trusted by enterprises like Cisco, Comcast, and Schneider Electric, the Utah-headquartered solution centralizes workflows across project lifecycles.
Founded
2001
HQ
Salt Lake City, UTWebsite
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (Nov 2020)
Valuation
$1.5B (acquired Nov 2020)
Workfront Acquisition
Workfront was acquired by Adobe for $1.5B on 9 November 2020.
The acquisition price implies a 7.5x revenue multiple on $200M of revenue.
Before the acquisition Workfront had raised $71M across 2 funding rounds.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 9 Nov 2020 | Strategic M&A | $1.5B | 7.5x |
Workfront Funding History
Workfront has raised a total of $71M across 2 funding rounds, plus 1 secondary share sale.
Workfront's first fundraising round was a $38M Series D in February 2014. The most recent completed round was a $33M Series E in August 2015.
Workfront funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Mar 2019 | Secondary | Susquehanna Growth Equity (lead); W Capital Partners (lead) | $280M | Workfront is an enterprise work management application platform that automates projects and processes, manages content, and provides company-wide collaboration in a single system of record. In March 2019, W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors acquired a minority stake worth approximately $280 million from existing equity holders through an organized secondary process. Blake Heston from W Capital and Martin Angert from Susquehanna Growth Equity joined Workfront’s Board of Directors. Goldman Sachs served as exclusive placement agent, and Goodwin as legal counsel, with existing investors Openview, Greenspring, and JMI Equity remaining significant. Workfront reported approximately $200 million in revenue for 2018, with more than 3,000 customers globally and over 1,000 employees. The company achieved over 155 percent growth in large enterprise customers in the past three years, serving 50 of the Fortune 100 companies and 9 of Inc. Magazine’s Top 10 most valuable brands. |
| Aug 2015 | Series E | JMI Equity (lead); Atlas Peak Capital; Greenspring Associates | $33M | Workfront (formerly AtTask), a provider of cloud-based enterprise work management solutions offering project management, workflow automation, approval, document management, and proofing tools, raised $33 million in a growth round announced around August 2015, led by JMI Equity with participation from Greenspring Global Partners and Atlas Peak Capital. JMI Equity had previously led Workfront's $38 million Series D in February 2014. The company targeted marketing, IT, and services teams at customers including Cisco, Comcast, Trek, and Cars.com, aiming to expand into broader enterprise use. Funds were allocated to sales, marketing, product strategy, business development, and growth initiatives to position Workfront as the dominant enterprise work management provider. This Series E round brought Workfront's total funding to $95 million. The investment reflected JMI Equity's ongoing commitment, with CEO Eric Morgan highlighting the firm's SaaS expertise to capitalize on market opportunities and enhance enterprise offerings. Workfront competed in a crowded market against players like Asana and Atlassian, differentiating with robust enterprise tools. No sources disclose post-money valuation, revenue, ARR, or EBITDA figures specifically for the 2015 round. Later developments included a $280 million strategic secondary in March 2019 by W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors, at which point Workfront reported approximately $200 million in revenue for 2018, over 3,000 customers, and 1,000 employees. The company was ultimately acquired by Adobe for $1.5 billion in December 2020. |
| Feb 2014 | Series D | Greenspring Associates (lead); JMI Equity (lead); Sorenson Capital | $38M | Workfront (formerly AtTask) is an enterprise work management software company founded in 2001 and headquartered in Lehi, Utah, providing cloud-based solutions for project management, workflow automation, content management, and team collaboration. The company raised $38M in a Series D round in February 2014 led by JMI Equity, with participation from Greenspring Associates. This followed a $17M growth round in October 2012 led by Greenspring Associates. Subsequent rounds included a $33M Series E in August 2015 led by JMI Equity with Greenspring Global Partners and Atlas Peak, and a $280M strategic secondary in March 2019 by W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors. Workfront was acquired by Adobe for $1.5B in November 2020. By 2018, Workfront reported approximately $200M in revenue, over 3,000 customers, and 1,000 employees, with strong growth in large enterprise adoption including 50 Fortune 100 companies. Existing investors like OpenView, Greenspring, and JMI Equity remained involved post-2019 secondary. |
Who has invested in Workfront?
6 investors have backed Workfront across its funding rounds, including Greenspring Associates, JMI Equity, Sorenson Capital, Susquehanna Growth Equity, W Capital Partners and Atlas Peak Capital.
Lead investors include Susquehanna Growth Equity, W Capital Partners, JMI Equity and Greenspring Associates.
Workfront Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Baltimore, MD | 2 | Lead | Feb 2014 | |
| Baltimore, MD | 2 | Lead | Feb 2014 | |
| San Francisco, CA | 1 | Participant | Aug 2015 | |
| Salt Lake City, UT | 1 | Participant | Feb 2014 | |
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Start Free TrialAcquisitions by Workfront
Workfront has acquired 2 companies to date.
Last acquisition by Workfront was on October 15th 2019. Workfront acquired Atiim (A-team) for undisclosed valuation.
Latest Acquisitions by Workfront
| Description | Atiim is a SaaS provider of OKR goal management software for teams and enterprises. Headquartered in Vancouver, Canada, it offers tools for setting objectives, tracking key results, progress dashboards, and performance analytics integrated with Slack, Jira, and Google Workspace. The platform supports remote and hybrid organizations worldwide in aligning goals from individual contributors to executive leadership. | ProofHQ is an online proofing tool now integrated into Workfront that accelerates marketing project approvals for brands, agencies, and print providers. Users collaborate in real-time on print, digital, and video assets via proofhq.com, streamlining workflows to cut project delivery time and reduce revisions in creative review cycles. |
| HQ Country | |  |
| HQ City | - | London |
| Deal Date | 15 Oct 2019 | 22 Jul 2015 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Workfront acquisitions and their M&A valuation multiples. Start Free Trial | ||
Workfront Competitors
Workfront competitors include listed companies like Bandwidth and Weaver Network, and private ones like Intercom, Teamworks, Mural and Podium.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| San Francisco, CA | Private | $400M | - | $1.3B | 3.2x | |
| Durham, NC | Private | - | - | $1.2B | - | |
| San Francisco, CA | Private | $125M | - | $2B | 16.0x | |
| Salt Lake City, UT | Private | $100M | - | $3B | 30.0x | |
| United States | Publicly listed | $754M | $39M | $1.6B | 2.3x | |
 China | Publicly listed | $341M | $43M | $1.6B | 4.2x |
Workfront Public Comps
Workfront is no longer listed, but its public comps include Bandwidth, Weaver Network, Teamviewer, Montnets, Cybozu, Pexip, Calix, Vercom, Truecaller and Asana.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $754M | $39M | 2.7x | 2.3x | 51.2x | 17.3x | |||
| $341M | $43M | 4.4x | 4.2x | 34.6x | 28.3x | |||
| $860M | $310M | 2.5x | 2.5x | 7.0x | 5.9x | |||
| $389M | ($17M) | 2.5x | - | (55.5x) | - | |||
| $241M | $84M | 3.4x | 3.1x | 9.8x | 9.2x | |||
| $118M | $29M | 6.6x | 5.7x | 26.6x | 18.6x | |||
| $1B | $38M | 2.0x | 1.8x | 52.9x | 13.6x | |||
| $125M | $34M | 5.9x | 5.2x | 21.8x | 18.2x | |||
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Common questions about Workfront
| When was Workfront founded? | Workfront was founded in 2001. |
| Where is Workfront headquartered? | Workfront is headquartered in Salt Lake City, UT, United States. |
| Is Workfront publicly listed? | No, Workfront was acquired by Adobe in November 2020. |
| Who acquired Workfront? | Workfront was acquired by Adobe in November 2020. |
| How much was Workfront acquired for? | Workfront was acquired for $1.5B in November 2020, a 7.5x revenue multiple. |
| How much funding has Workfront raised? | Workfront has raised $71M across 2 funding rounds. |
| What was Workfront's last funding round? | Workfront's last funding round was a $33M Series E in August 2015, led by JMI Equity. |
| Who are Workfront's investors? | Workfront's investors include Greenspring Associates, JMI Equity, Atlas Peak Capital, Sorenson Capital, Susquehanna Growth Equity and W Capital Partners. |
| Which companies are comparable to Workfront? | Companies comparable to Workfront include Intercom, Teamworks, Mural, Podium, Bandwidth and Weaver Network. |
| How many companies has Workfront acquired? | Workfront has acquired 2 companies, including Atiim (A-team) and ProofHQ. |
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