Adobe plans to get into the online shopping business by paying $1.68 billion for e-commerce company Magento Commerce.
Adobe, which announced the deal on Monday, is known for its Photoshop tools. But it’s quickly expanding into other businesses as it looks for new areas of growth.
Companies like Canon and designer Paul Smith use Magento’s technology to operate their online stores. Both Adobe and Magento share similar customers like Warner Music Group, Coca-Cola, and Nestlé, Adobe said. Having similar customers is significant because Adobe can better cross-sell its various tools and services.
Magento CEO Mark Lavelle will remain with the company after as part of Adobe’s digital experience business, which includes its marketing analytics and software for managing online advertising.
“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,” Lavelle said in a statement. “We’re excited to join Adobe and believe this will be a great opportunity for our customers, partners and developer community.”
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Magento, founded in 2007, was acquired for an undisclosed amount by eBay in 2011. A few months after eBay split with digital payment processing company PayPal in 2015, eBay sold its enterprise software unit, including Magento, to investors Sterling Partners and Permira Funds for $925 million. Last year, Magento raised $250 million from Chinese investment firm Hillhouse at a reported private valuation of $700 million.
Adobe shares were relatively flat in after-hours trading on Monday at $240. Shares of Magento rival Shopify, however, fell 2.3% in after-hours to $141.25 over fears of increased competition.
The deal is expected to close in the third quarter.