Adobe announced yesterday that it had acquired New York-based company Behance. With 1 million members, the startup developed a LinkedIn for artists, allowing users to showcase their visual work. We just learned the financial terms from multiple sources. GigaOM first reported that it was north of $100 million. According to our sources, Adobe paid slightly more than $150 million in cash and stock, with certain growth goals to attain over multiple years.
The financial details confirm that Adobe is committed to Behance’s product and developing it further. The artist community will be integrated in the newly launched Creative Cloud service. Yet, Adobe senior marketing director Scott Morris told Frederic Lardinois yesterday that the company has no plan to retire the Behance brand or make any change to the product.
Behance allows artists to build and showcase a web portfolio without having to manage a website. It makes it easier to manage and share images and information about artworks and photos. The service also powers thousands of other websites’ portfolios, such as the portfolio features of AdWeek, the Rhode Island School of Design and The Smithsonian National Design Awards.
The 32 employees will now work for Adobe but stay in New York, while Behance founder and CEO Scott Belsky will become Adobe’s vice president of community. Behance will play an important role in Adobe’s social strategy, while remaining concentrated on visual professionals. The original team will stay focused on Behance and keep working independently.
Behance was founded in 2006 and only raised a $6.5 million Series A round back in May from Union Square Ventures, 500 Startups, Amazon CEO Jeff Bezos (Bezos Expeditions), Dave Morin, Yves Behar, Chris Dixon, Dave Tisch, Alexis Ohanian and Garrett Camp. At a $150 million acquisition price, Behance is a good deal for investors. Moreover, Adobe is certainly a good fit for the enterprise-focused startup based in New York.