Adobe (ADBE -0.74%) 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.

A person working on a laptop and desktop simultaneously.

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.