Adobe said that the company and Magento have similar customers, such as Warner Music Group, Coca-Cola and Nestlé. Having similar customers is very important because Adobe can better cross-sell its various tools and services.
The deal is yet another example of Adobe’s increased investment in marketing analytics, where the company competes with companies such as Oracle and Salesforce. The deal is expected to be completed in the third quarter.
Magento was founded in 2007 and acquired by eBay in 2011. The amount is unknown. In 2015, eBay sold its enterprise software divisions, including Magento, to investors Sterling Partners and Permira for $925 million.
In Monday's after-hours trading, Adobe's share price was relatively flat at $240. However, due to increased competition, Magento's rival Shopify's stock price fell 2.3% to $141.25 after the close of trading.