Following the global financial crisis Adobe’s market value stood at $US8 billion. However last week it surpassed Oracle to become the world’s second most valuable software company after Microsoft.
Underpinning the rise was Adobe’s move to become one of the first traditional software companies to abandon its old way of selling its product through discs with an upfront licence fee to subscriptions sold over the cloud.
“When we first moved to a cloud subscription model with creative cloud in 2011, we piloted that in Australia,” Ms Steele said. “That has given us a really good platform to have a discussion with our own customers around digital transformation.”
Ms Steele said the platform launch was one of Adobe’s many “pillars” for growth and the company had signed up gaming giant Tabcorp as one of its first customers.
“It’s part of a broader investment play for this market,” she said.
The platform, which has traditionally targeted marketers, enables Adobe to reach more into enterprise IT.
It will also enable brands to keep critical customer information – including personally identifiable information – onshore.
Ms Steele said Adobe had grown its team in Australia by “double digits” over the last few years and now has several hundred local employees.
“I feel very optimistic about our future and we are investing in floor space and new premises, with a new office in Melbourne and double the number of seats within our Sydney office,” she said. “It’s a growth story which is great for our people and talent.”
As Adobe pushes into the Australian market, homegrown competitor Canva is targeting the United States as its scales globally with its latest raise in October last year valuing the graphic design software company at $US3.2 billion.
While Ms Steele would not detail the percentage of Adobe’s sales which come from Australia, she said Adobe was uniquely placed for further growth in the region.
“The biggest challenge for all of us is ensuring that we are continuing to bring new ideas, new innovation and new products to market that help solve customer problems,” she said.
Cara is the small business editor for The Age and The Sydney Morning Herald based in Melbourne