Adobe buys Magento for $1.68 billion to target e-commerce
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Adobe has agreed to buy e-commerce company Magento for $1.68 billion, in a bid to capture a bigger slice of the digital-commerce industry from Salesforce and Oracle.
The Photoshop software provider is making its third-biggest acquisition to create an end-to-end system for designing digital ads, building e-commerce websites and other online customer experiences and completing transactions, the company said Monday in a statement.
Campbell, California-based Magento offers software to build and run web stores, handle online purchases, shipping and returns. It also helps merchants sell products through social media ads and competes with Shopify. Magento technology supports more than $155 billion in gross merchandise volume, and customers include Canon and Rosetta Stone. EBay sold Magento in 2015 and it has been backed by private equity firm Permira Holdings since then.
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