Adobe on Monday announced it plans to acquire Magento Commerce for $1.68 billion.
The commerce platform will be part of Adobe's Digital Experience business, rounding out its customer experience tools, which already include content creation, marketing, advertising and analytics.
Founded in 2008 and based in Campbell, California, Magento serves both B2B and B2C customers globally with a platform for digital commerce, order management and predictive intelligence. Its customers include Canon, Helly Hansen, Paul Smith and Rosetta Stone. Adobe and Magento share joint customers including Coca-Cola, Warner Music Group, Nestle. Magento handles over $155 billion in gross merchandise volume annually.
"Embedding commerce into the Adobe Experience Cloud with Magento enables Adobe to make every moment personal and every experience shoppable," Brad Rencher, EVP of Digital Experience for Adobe, said in a statement.
The deal is expected to close in the third quarter of Adobe's 2018 fiscal year. After that, Magento CEO Mark Lavelle will continue to lead the Magento team, reporting to executive vice president and general manager Brad Rencher.