Deals
Adobe Buys Magento for $1.68 Billion to Target E-Commerce
- Company also announces $8 billion share repurchase plan
- Acquisition will help it compete against Salesforce, Oracle
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Adobe Systems Inc. agreed to buy e-commerce company Magento for $1.68 billion, in a bid to capture a bigger slice of the digital-commerce industry from Salesforce.com Inc. and Oracle Corp.
The Photoshop software provider is making its third-biggest acquisition to create an end-to-end system for designing digital ads, building e-commerce websites and other online customer experiences and completing transactions, the company said Monday in a statement.