WorkFront

Deal Snapshot

Company: Workfront, Inc.

Website: business.adobe.com/products/workfront

Sector / Category: Enterprise work management / project and workflow management software

Headquarters: Lehi 

Founded: 2001

Investor: Frazier VC

Investment Vehicle: Fund I, Fund II, Fund III

Deal Type: Secondary

Realization: Acquired by Adobe for $1.5B (announced Nov 10, 2020; closed Dec 7, 2020)

Company Overview

Workfront built an enterprise work management platform used by organizations to plan, assign, track, and report on complex work across teams. The product is positioned around orchestrating workflows, managing campaigns and projects, and improving operational visibility, particularly for marketing and creative teams operating at scale.

Public Funding / Capital Events

Oct 31, 2012 — $17M growth round (AtTask)

AtTask (the company’s prior name) raised $17M in a round led by Greenspring Associates.

Feb 2014 — $38M Series D (AtTask)

AtTask raised $38M in a Series D led by JMI Equity.

Aug 2015 — $33M Series E (Workfront)

Workfront raised $33M led by JMI Equity, with participation from Greenspring Global Partners and Atlas Peak.

Mar 13, 2019 — $280M organized secondary process

Workfront announced a strategic secondary in which W Capital Partners, Susquehanna Growth Equity, and AB Private Credit Investors acquired a minority stake via an organized secondary process (approximately $280M).

Nov 10, 2020 — Acquisition announced ($1.5B)

Adobe announced a definitive agreement to acquire Workfront for $1.5B (subject to customary adjustments).

Dec 7, 2020 — Acquisition completed

Adobe reported it completed the acquisition on Dec 7, 2020.

Investment Summary

Frazier VC invested in Workfront through secondary purchases across three funds: Fund I in 2015, Fund II in 2018, and Fund III in 2020. These secondary entries provided exposure to a category-leading enterprise work management platform before its acquisition by Adobe in 2020.

Why We Invested

Frazier VC invested in Workfront because we believe workflow platforms that become a system of record for cross-functional teams can scale efficiently and compound as adoption expands across an organization. Workfront’s product is deeply embedded in core operating workflows, which can create meaningful switching costs and defensibility over time. We also value companies with strong leadership teams and clear product differentiation in large, durable markets.

Other Investors

OpenView Venture Partners 

Greenspring Associates

JMI Equity

W Capital Partners

Susquehanna Growth Equity

AB Private Credit Investors