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Software giant Adobe Systems to acquire Magento Commerce for US$1.68
billion
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May 23, 2018
Original URL: https://en.wikinews.org/wiki/Software_giant_Adobe_Systems_to_acquire_Magento_Commerce_for_US$1.68_billion


On Monday, San Jose, California, US-based software company Adobe Systems
announced their plans to acquire California-based e-commerce handling
web service Magento Commerce for 1.68 billion US dollars (USD). After
Adobe made the announcement via their official website, Adobe's stocks
rose by around one percent, ending Monday extended trading at USD 238.10
per share.

Magento provides services for the creation of digital ads and handling
of online transactions. Magento's services are used by Nestlé,
Coca-Cola, Warner Music, and Canon. The acquisition, which is expected
to take place in the third fiscal quarter of this year, is to be an
all-cash deal. Adobe is to acquire Magento from Permira equity firm. In
2015, Permira bought Magento from e Bay, an e Commerce website. Adobe,
in their official statement, said, "Magento Commerce Cloud will enable
commerce to be seamlessly integrated into the Adobe Experience Cloud".

Adobe also announced a buyback of shares worth USD eight billion by
2021. Magento's 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".

After the announcement, stocks of Magento's competitors Shopify, Inc
dropped by about 4.8%. They finished extended trading at USD 137.60
after the announcement. 

== Sources == 

* https://www.reuters.com/article/us-magento-m-a-adobe/adobe-to-buy-magento-commerce-for-1-68-billion-idUSKCN1IM28K
* https://www.cnbc.com/2018/05/21/shopify-slumps-after-adobe-announces-acquisition-of-magento.html
|pub    = CNBC
|date   = May 22, 2018
}}
* http://www.latimes.com/business/la-fi-tn-adobe-magento-20180521-story.html?outputType=amp
|pub    = Los Angeles Times
|date   = May 21, 2018
}}
* http://news.adobe.com/press-release/corporate/adobe-acquire-magento-commerce



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