NEW YORK (TheStreet) -- With all of the recent mergers and acquisition activity that has occurred within the software sector from the likes of Oracle (ORCL) and Salesforce.com (CRM), it probably should have come as no shocker that Adobe (ADBE) felt it had to do something.The company recently announced a $600 million all-cash deal to acquire Neolane, a privately held company headquartered in Paris, France, that specializes in cross-channel campaigns. While this deal makes some sense for Adobe given Neolane's capabilities in online and offline marketing, the timing seems a bit off, given Adobe's current situation. Over the past couple of years, Adobe has been working to convert its business from the traditional software sold in a box to a cloud/subscription-based model. While the company's recent second-quarter results suggests that things are moving according to management's plan, I do question if this is not a case of biting off more than you can chew. What's more, given Neolane's annual revenue of $60 million, which is just 1% of Adobe's $4.4 billion for 2012, I don't see what Adobe hopes to accomplish in this deal -- although a case can be made that Neolane sales are growing at a 40% rate. Even so, will it be enough to consider Adobe an immediate enterprise threat against Oracle or Salesforce.com? Management seems to think so. There's no question that Adobe's focus has been on its marketing capabilities, especially in the areas of digital and cloud. I've written at length about Salesforce.com's aggressiveness in this area after paying $2.5 billion for ExactTarget ( ET), which amounts to a 53% premium. I don't believe that Adobe overspent. But with minimal details, I'm left to speculating what management hopes to get in return. SAP) and IBM ( IBM) have already planted flags.
Plus, when you consider that Google ( GOOG) is already a leader in this space, it doesn't bode well for optimism that Adobe can successfully establish a niche for itself. It's also possible that management may not entirely care about securing market share. Given how well the company's cloud/subscription business is evolving, Adobe may also be looking at this for the long term -- building up its capabilities to be able to offer bundled services. From that standpoint, it's an excellent move, especially if published reports are correct, which suggest that this market can reach $12 billion. I've also raised this point in the past: Digital cloud/marketing is an area that Apple ( AAPL) has always shown plenty of interest. I believe this is one of the reasons why earlier this year, Apple hired Kevin Lynch, who recently left Adobe where he was chief technology officer. Apple has begun to proclaim that it is a software/services company. How else can it substantiate this claim if not by buying Adobe? Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.