Adobe, the software company best known for Photoshop and its PDF reader, has announced that it will purchase e-commerce platform vendor Magento for $1.68 billion. Brad Rencher, Adobe’s executive vice president of digital experience, said that the acquisition gives Adobe a $13 billion revenue opportunity. Magento's customers include Canon, Rosetta Stone, Coca-Cola and Nestle.
The deal would see Magento Chief Executive Mark Lavelle remaining in his position as head of the e-commerce business, which would be folded into Adobe's digital experience business. The acquisition is likely to close in the third quarter.
Adobe's stock rose after news broke about the acquisition.