Adobe to acquire Magento Commerce for $1.68B
Adobe announced it has entered into a definitive agreement to acquire Magento Commerce, a commerce platform, for $1.68B, subject to customary purchase price adjustments. 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. 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. Upon close, 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 transaction, which is expected to close during the third quarter of Adobe's 2018 fiscal year, is subject to regulatory approval and customary closing conditions. Until the transaction closes, each company will continue to operate independently.