Adobe Systems Inc has agreed to buy Magento for US $1.68 billion to capture a larger share of the eCommerce market. This will be its third largest acquisition.
Magento competes with Shopify globally and supports thousands of retailers who between them have generated more than US $155 billion in gross merchandise sales. Magento was sold by eBay to Permira Holdings LLP in 2015.
Magento CEO Mark Lavelle said that the sale would accelerate his company’s progress and that it reflected a shared vision between the two firms which were partners prior to the transaction.
The deal is expected to complete later this year.
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