Computer software behemoth Adobe has entered into a definitive agreement to acquire e-commerce platform Magento Commerce for US$1.68 billion.
The Magento platform brings together digital commerce, order management and predictive intelligence into a unified commerce platform enabling shopping experiences across a wide array of industries.
Founded in 2008 in the US, the platform is built on open-source technology and has a community of more than 300,000 developers and pre-built extensions which include payment, shipping, tax, and logistics.
The addition of the Magento Commerce Cloud will enable commerce to be seamlessly integrated into the Adobe Experience Cloud, delivering a single platform that serves both B2B and B2C customers globally.
Current Magento customers include brands like Canon, Helly Hansen, Paul Smith and Rosetta Stone. Adobe and Magento share joint customers including Coca-Cola, Warner Music Group, Nestlé, and Cathay Pacific.
Magento CEO Mark Lavelle will continue to lead the Magento team as part of Adobe’s Digital Experience business, reporting to executive vice president and general manager Brad Rencher.
The acquisition is expected to close in the third quarter of the 2018 financial year, subject to regulatory approvals and other customary closing conditions. Until the transaction closes, each company will continue to operate independently.
Rencher said: “Adobe is the only company with leadership in content creation, marketing, advertising, analytics and now commerce – enabling real-time experiences across the entire customer journey.
“Embedding commerce into the Adobe Experience Cloud with Magento enables Adobe to make every moment personal and every experience shoppable.”
Magneto CEO Mark Lavelle said: “Adobe and Magento share a vision for the future of digital experiences that brings together Adobe’s strength in content and data with Magento’s open commerce innovation.
“We’re excited to join Adobe and believe this will be a great opportunity for our customers, partners and developer community.”