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It remained weak at -21.3% in 2025 and -23.9% in 2026. The supply side (avg +8%) has moved harder than the stock (-23.9%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is The Coca-Cola Company (+27.7%) and the furthest behind is IBM (-19.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It uses third-party cloud and data-center services to operate its products and acquires software companies to expand content workflows.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Workfront","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-01-17","basis":"Workfront 현금 인수대금","value":1520000000,"period":"acquisition completed 2020-12-07","basis_en":"Cash consideration for the Workfront acquisition","qualifier":null},"note":"어도비는 마케팅 업무 관리 기능을 Experience Cloud에 결합하기 위해 Workfront 인수를 완료했다. SEC 공시가 현금 인수대금을 제시하고 어도비 발표와 Forrester 분석, 한국어 매체가 거래 목적과 완료 사실을 교차 확인한다.","note_en":"Adobe completed its acquisition of Workfront to add marketing work management to Experience Cloud. The SEC filing reports the cash consideration, while Adobe's announcement, Forrester analysis, and Korean-language coverage cross-check the transaction and its rationale.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2024-01-17","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634324000006/adbe-20231201.htm","title":"ADOBE INC. 10-K (2024-01-17)","title_en":"ADOBE INC. 10-K (2024-01-17)","excerpt":"어도비는 Workfront 인수를 완료했으며 현금 인수대금은 약 15억2천만 달러였다.","excerpt_en":"We completed the acquisition of Workfront for approximately $1.52 billion in cash consideration."},{"stance":"confirms","publisher":"어도비","publisher_en":"Adobe","kind":"ir","lang":"en","published_at":"2020-12-07","url":"https://www.adobe.com/cc-shared/assets/investor-relations/pdfs/120720adobecompletesacquisitionofworkfront.pdf","title":"어도비, Workfront 인수 완료","title_en":"Adobe Completes Acquisition of Workfront","excerpt":"어도비는 Workfront 인수를 완료했다고 발표했다.","excerpt_en":"Adobe today announced the completion of its acquisition of Workfront."},{"stance":"confirms","publisher":"포레스터","publisher_en":"Forrester","kind":"analysis","lang":"en","published_at":"2020-11-10","url":"https://www.forrester.com/blogs/adobe-buys-workfront-to-boost-upstream-creative-support/","title":"어도비의 Workfront 인수와 상류 창작 업무 지원 강화","title_en":"Adobe Buys Workfront To Boost Upstream Creative Support","excerpt":"포레스터는 이 인수가 콘텐츠 협업과 제작의 복잡한 절차를 제품군에 보강하는 선택이라고 분석했다.","excerpt_en":"Adobe announced yesterday it is shelling out $1.5 billion to acquire work management tool Workfront."},{"stance":"mentions","publisher":"뉴스핌","publisher_en":"Newspim","kind":"news","lang":"ko","published_at":"2020-11-10","url":"https://www.newspim.com/news/view/20201110000266","title":"어도비, 협업툴 개발업체 '워크프론트' 15억달러에 인수","title_en":"Adobe to Acquire Collaboration Software Developer Workfront for $1.5 Billion","excerpt":"어도비가 업무관리 소프트웨어 스타트업 워크프론트를 15억달러에 인수할 계획이라고 밝혔다.","excerpt_en":"Adobe said it planned to acquire work-management software startup Workfront for $1.5 billion."}]},{"direction":"revenue","counterparty":"Coca-Cola","counterparty_slug":"coca-cola","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-02-19","basis":"Coca-Cola의 Adobe Experience Cloud 이용액","value":null,"period":"ongoing as of 2025-02-19","basis_en":"Coca-Cola spending on Adobe Experience Cloud","qualifier":"confirmed_no_disclosed_value"},"note":"Coca-Cola는 Adobe Experience Cloud를 글로벌 마케팅 기술 표준으로 사용하고 Journey Optimizer, Commerce, Real-Time CDP, Customer Journey Analytics를 운영한다. 고객별 계약 금액은 공개되지 않았다.","note_en":"Coca-Cola uses Adobe Experience Cloud as a global marketing-technology standard and operates Journey Optimizer, Commerce, Real-Time CDP, and Customer Journey Analytics. The customer-specific contract value is not disclosed.","sources":[{"stance":"confirms","publisher":"어도비·이컨설턴시","publisher_en":"Adobe and Econsultancy","kind":"research","lang":"en","published_at":"2025-02-19","url":"https://business.adobe.com/content/dam/dx/us/en/resources/reports/data-and-insights-digital-trends/2025-ai-and-digital-trends-data-and-insights.pdf","title":"2025 AI 및 디지털 트렌드: 데이터와 인사이트","title_en":"2025 AI and Digital Trends: Data and Insights","excerpt":"Coca-Cola 담당자는 Adobe Experience Cloud가 필요한 기능 폭과 글로벌 규모를 갖춘 최선의 선택이었다고 설명했다.","excerpt_en":"For us, Adobe Experience Cloud was the best choice. It has the breadth of solutions that we wanted."},{"stance":"confirms","publisher":"어도비 한국","publisher_en":"Adobe Korea","kind":"ir","lang":"ko","published_at":"2024-12-10","url":"https://business.adobe.com/kr/customer-success-stories/coca-cola-case-study-personalization.html","title":"Coca-Cola, Adobe Journey Optimizer로 경험 개인화","title_en":"Coca-Cola Personalizes Experiences with Adobe Journey Optimizer","excerpt":"Adobe Commerce 통합을 통해 우리는 모든 소비자 접점을 파악할 수 있게 되었습니다.","excerpt_en":"Adobe Commerce integration gave us visibility into every consumer touchpoint."}]},{"direction":"revenue","counterparty":"IBM","counterparty_slug":"ibm","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-08-03","basis":"IBM의 Adobe Experience Manager Guides 이용액","value":null,"period":"ongoing as of 2026-08-03","basis_en":"IBM spending on Adobe Experience Manager Guides","qualifier":"confirmed_no_disclosed_value"},"note":"IBM은 Adobe Experience Manager Guides를 기반으로 방대한 기술 콘텐츠를 작성·관리·배포하는 통합 기반을 구축했다. 고객별 계약 금액은 공개되지 않았다.","note_en":"IBM built a unified foundation for authoring, governing, and publishing its large technical-content estate with Adobe Experience Manager Guides. The customer-specific contract value is not disclosed.","sources":[{"stance":"confirms","publisher":"어도비","publisher_en":"Adobe","kind":"ir","lang":"en","published_at":"2026-08-03","url":"https://business.adobe.com/resources/webinars/ibm-content-at-scale-aem-guides.html","title":"2천만 페이지와 1천 명의 작성자: IBM의 대규모 콘텐츠 운영","title_en":"20 Million Pages, 1,000 Authors: IBM Drives Content at Scale","excerpt":"IBM은 Adobe Experience Manager Guides를 기반으로 통합된 지능형 콘텐츠 기반을 구축했다.","excerpt_en":"IBM launched a bold initiative to build a unified, intelligent content foundation, powered by Adobe Experience Manager Guides."}]},{"direction":"cost","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"어도비의 Amazon Web Services 이용액","value":null,"period":"ongoing as of 2026-02-12","basis_en":"Adobe spending on Amazon Web Services","qualifier":"confirmed_no_disclosed_value"},"note":"어도비는 Amazon Web Services 데이터센터에서 Acrobat과 PDF 서비스 등 Document Cloud 기능을 운영한다. SEC 공시는 제3자 호스팅 구매의 중요성을 확인하지만 공급사별 금액은 공개하지 않는다.","note_en":"Adobe runs Acrobat, PDF services, and other Document Cloud functions in Amazon Web Services data centers. Its SEC filing confirms the importance of third-party hosting purchases but does not disclose amounts by vendor.","sources":[{"stance":"confirms","publisher":"어도비 트러스트 센터","publisher_en":"Adobe Trust Center","kind":"ir","lang":"en","published_at":"2026-02-12","url":"https://www.adobe.com/trust/document-cloud-hosting-locations.html","title":"Adobe Document Cloud 데이터센터","title_en":"Adobe Document Cloud Data Centers","excerpt":"Adobe Acrobat의 클라우드 스토리지는 여러 지역에서 지속 운영되는 AWS 데이터센터에 호스팅된다.","excerpt_en":"Adobe Acrobat uses Adobe cloud storage, which is hosted on AWS through continuously active data centers in multiple geographic locations."},{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-15","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm","title":"ADOBE INC. 10-K (2026-01-15)","title_en":"ADOBE INC. 10-K (2026-01-15)","excerpt":"어도비의 취소 불가능한 구매 의무는 주로 제3자 호스팅 및 데이터센터 서비스 공급사 계약에서 발생한다.","excerpt_en":"Purchase obligations primarily relate to contracts with vendors for third-party hosting and data center services."}]},{"direction":"cost","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"어도비의 Microsoft Azure 및 Azure OpenAI Service 이용액","value":null,"period":"ongoing as of 2026-02-12","basis_en":"Adobe spending on Microsoft Azure and Azure OpenAI Service","qualifier":"confirmed_no_disclosed_value"},"note":"어도비는 Microsoft Azure에서 Acrobat Sign을 호스팅하고 Acrobat AI Assistant에 Azure OpenAI Service를 사용한다. SEC 공시는 제3자 호스팅 구매의 중요성을 확인하지만 공급사별 금액은 공개하지 않는다.","note_en":"Adobe hosts Acrobat Sign on Microsoft Azure and uses Azure OpenAI Service for Acrobat AI Assistant. Its SEC filing confirms the importance of third-party hosting purchases but does not disclose amounts by vendor.","sources":[{"stance":"confirms","publisher":"어도비 트러스트 센터","publisher_en":"Adobe Trust Center","kind":"ir","lang":"en","published_at":"2026-02-12","url":"https://www.adobe.com/trust/document-cloud-hosting-locations.html","title":"Adobe Document Cloud 데이터센터","title_en":"Adobe Document Cloud Data Centers","excerpt":"Acrobat Sign은 Amazon Web Services와 Microsoft Azure 서버에 호스팅된다.","excerpt_en":"Acrobat Sign is hosted on Amazon Web Services and Microsoft Azure servers in continuously active Availability Zone data center configurations."},{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-15","url":"https://www.sec.gov/Archives/edgar/data/796343/000079634326000003/adbe-20251128.htm","title":"ADOBE INC. 10-K (2026-01-15)","title_en":"ADOBE INC. 10-K (2026-01-15)","excerpt":"어도비의 취소 불가능한 구매 의무는 주로 제3자 호스팅 및 데이터센터 서비스 공급사 계약에서 발생한다.","excerpt_en":"Purchase obligations primarily relate to contracts with vendors for third-party hosting and data center services."}]},{"direction":"revenue","counterparty":"태피스트리","counterparty_slug":"tapestry","confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-01-21","basis":"Adobe Firefly 제품 설계·콘텐츠 도구 사용액","value":null,"period":"2025","basis_en":"Adobe Firefly product-design and content-tool spend","qualifier":"confirmed_no_disclosed_value"},"note":"어도비는 태피스트리가 Coach 제품 설계, 디지털 트윈, 머천다이징 콘텐츠 제작에 사용하는 Adobe Firefly 맞춤 모델과 서비스를 제공하며, 사용료나 계약 금액은 공개되지 않았다.","note_en":"Adobe provides the Firefly custom models and services that Tapestry uses for Coach product design, digital twins, and merchandising content, while fees and contract value are undisclosed.","sources":[{"stance":"confirms","publisher":"AI매터스","publisher_en":"AI Matters","kind":"news","lang":"ko","published_at":"2025-01-21","url":"https://aimatters.co.kr/news-report/ai-news/12764/","title":"코치, 브랜드 DNA 담은 ‘AI 디자인 핸드백’ 제작… “디지털 트윈으로 제품 개발 시간 획기적 단축”","title_en":"Coach Creates AI-Designed Handbags with Brand DNA and Digital Twins","excerpt":"태피스트리가 어도비 파이어플라이 생성형 AI를 도입해 제품 디자인 프로세스를 변화시켰다.","excerpt_en":"Tapestry adopted Adobe Firefly generative AI to reshape its product-design process."},{"stance":"confirms","publisher":"어도비","publisher_en":"Adobe","kind":"news","lang":"en","published_at":"2025-01-15","url":"https://business.adobe.com/uk/blog/coach-reimagines-handbag-design-process-with-adobe-firefly-generative-ai","title":"Coach reimagines handbag design process with Adobe Firefly generative AI","title_en":"Coach Reimagines Handbag Design Process with Adobe Firefly Generative AI","excerpt":"태피스트리 팀은 기존 Coach 핸드백 이미지로 Adobe Firefly 맞춤 모델을 학습했다.","excerpt_en":"The Tapestry team gathered a set of images of existing Coach handbags and used them for training."}]}]}