Adobe to acquire e-commerce company Magento for $1.7 billion

Adobe plans to acquire online store platform Magento for $1.68 billion. Adobe will integrate the platform into its Experience Cloud, the company said. The acquisition should be completed before the fall.

Adobe wants Magento to increase the value of its Experience Cloud because it will provide access to an online store offering system, including backend with order fulfillment, Adobe says.

Magento is known for its online store platform, for which developers can create extensions and themes. There are 300,000 developers who work with Magento, Adobe claims. The price of $1.68 billion can still change in the near future, both companies say.

The e-commerce platform hopes that the acquisition will enable it to create new features faster and take advantage of Adobe’s expertise in cloud applications. Both companies believe that the acquisition will be completed before the beginning of September. Authorities have yet to approve the acquisition.