Adobe buys Bengaluru-based AI firm Rephrase.ai
Bengaluru: Adobe has bought Rephrase.ai, a Bengaluru-based company known for its artificial intelligence (AI)-based video creation platform. An internal communication at Adobe has verified this acquisition by the major US software company, reported ET.
The incorporation of Rephrase's technology stack and AI-driven video capabilities into Adobe's Creative Cloud, the company's proprietary video editing platform, is intended to enhance and fortify Adobe's range of services.
Media reports said the deal size is still not known.
The buyout will involve the assimilation of the majority of Rephrase.ai's workforce.
The founders of Rephrase.ai will also collaborate closely with the software company in the future. Currently, Rephrase.ai boasts a team of approximately 45 employees, reported Moneycontrol.
This strategic agreement allows Adobe, renowned for its popular editing software such as Photoshop, Premiere Pro, and Illustrator, to broaden its generative AI video capabilities, including enhancements to its proprietary video-editing platform, Creative Cloud.
A huge shoutout to our team - our technology teams for pushing the frontiers of AI, and our business teams for writing a playbook to sell GenerativeAI in India. Your dedication and hard work have been everything to us, and the company. This is your success, and nobody else's,” Shivam Mangla, co-founder at Rephrase.ai said on Twitter.
Responding to Moneycontrol’s queries, an Adobe spokesperson said, “Adobe has a strong track record of accelerating growth through both organic and inorganic innovation. We are always on the lookout for new talent and technology that supports our strategy and creates more value for our stakeholders.”
The development was first reported by the Economic Times.
Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla, all alumni of IIT, established Rephrase.ai in 2019.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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