Adobe Systems Inc has agreed to acquire e-commerce services provider Magento Commerce for $1.68 billion in cash.
This marks Adobe’s biggest deal in nearly a decade, which caused its stock price to rise around 1 percent.
Following the acquisition of Magento Commerce, Adobe plans to further build on its Experience Cloud business. Adobe’s Experience Cloud providers services such as analytics, advertising, and marketing.
Adobe provided the following statement in a press release:
”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.”
Magento‘s e-commerce platform is the CMS of choice for leading brands around the world, and this acquisition further solidifies how valuable it has become.
In addition to customers like Canon, Coca-Cola, and Rosetta Stone, Magento also has an active community of over 300,000 developers contributing to the platform.
Beyond combining Magento’s offerings with the Experience Cloud, Adobe’s future plans are not known at this point. The company says it will reveal more details when the acquisition is complete.
The deal will officially close in Q3 2018. Upon close, Magento CEO Mark Lavelle will continue to lead the Magento team as part of Adobe’s Digital Experience business.