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Digital media software company Adobe Systems ( ADBE ) has teamed up with online document storage firm Box ( BOX ) to improve enterprise document workflow. Through the partnership announced Tuesday , Adobe will provide Document Cloud services to Box customers. Those services include e-signatures and the ability to edit PDF documents directly in Box. Adobe created the PDF, or portable document format. The partnership’s goal is to help transform document workflows, Bryan Lamkin, Adobe executive vice president and general manager of digital media, told IBD. Too many document workflows today still involve paper for signatures when they could be kept entirely electronic, he said. Adobe teamed up with Box because it’s a popular service among businesses for storing and sharing documents securely, Lamkin said. Box customers have stored more than 2 billion PDF documents on the service. “We want to go to where the PDFs are,” Lamkin said. “It’s a very natural partnership to team up with Box.” Box CEO Aaron Levie concurred. “Our job, and Adobe’s mission as well, is to transform the way that organizations and businesses are working with their digital information,” Levie told IBD. “What you’ll see in this partnership is what the future of the digital landscape looks like, where you have two best-of-breed companies coming together and leveraging our respective platforms to drive new experiences in the cloud.” Access to Adobe Document Cloud services, such as Acrobat DC and Adobe Sign, from the Box website is expected by the end of May. The ability to add a Box account to Acrobat DC and Acrobat Reader on the desktop is expected around the same time. Adobe, an IBD Leaderboard stock, was down a fraction, near 95.50, in morning trading on the stock market today . It hit a record high of 98 on March 18. Box stock was up more than 1% Tuesday morning, near 13.50. UBS analyst Brent Thill on Tuesday reiterated his buy rating on Adobe with a price target of 114. After meeting with Adobe’s management, Thill concluded that Adobe has “plenty of runway for years” from its current business pursuits. Adobe’s annual revenue run rate of $5.5 billion is a fraction of the company’s total addressable market of $48 billion, he said. Adobe has three cloud computing businesses: Creative Cloud, Marketing Cloud and Document Cloud. The biggest is Creative Cloud, which includes software for creative professionals such as Photoshop, Illustrator and InDesign. Marketing Cloud provides online marketing and advertising services. Document Cloud leverages Adobe’s popular online document-sharing product Acrobat and its ubiquitous PDF format. RELATED: Adobe Stock Gets Price-Target Hike But Seen As Fairly Valued Scalper1 News
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