The acquisition will add new services to Adobe's Digital Marketing Suite, which includes web analytics and web optimization tools for marketers.
Terms of the deal were not disclosed.
The purchase will give Adobe more of a foothold in ad buying on Facebook. Adobe currently lets marketers buy ads on Facebook via its Adobe Search Center+ paid search management tool.
The deal follows Adobe's $1.8 billion purchase of Omniture, a maker of web traffic measurement software, in 2009. Such measurement tools let publishers using Adobe's software quantify the number of people who visit their sites in order to better negotiate ad rates.
Founded in 2002, Efficient Frontier manages more than $1 billion in marketing spending on behalf of its clients, which include Travelodge, Match.com and Discover Financial Services.