Abode to buy Magento Commerce in $1.7bn deal
Software and solutions provider Abode Systems has announced that it has agreed to acquire leading commerce platform Magento Commerce in a deal valued at $1.68bn.
Magento offers digital commerce enablement for both physical and digital goods across a range of industries, from traditional retail to the public sector. The platform is supported by more than 300,000 developers, handling more than $155bn in merchandise transactions annually.
“Adobe and Magento share a vision for the future of digital experiences that brings together Adobe’s strength in content and data with Magento’s open commerce innovation,” said Mark Lavelle, CEO, Magento
The acquisition will include the Magento Commerce Cloud, a platform that will allow Abode to readily integrate commerce capabilities into the Adobe Experience Cloud, expanding the firm’s presence in B2C markets alongside its existing B2B portfolio.
“Adobe is the only company with leadership in content creation, marketing, advertising, analytics and now commerce – enabling real-time experiences across the entire customer journey,” said Brad Rencher, Executive Vice President and General Manager, Digital Experience, Adobe.
“Embedding commerce into the Adobe Experience Cloud with Magento enables Adobe to make every moment personal and every experience shoppable.”
Current joint customers of Adobe and Magento include Coca-Cola, Warner Music Group and Nestlé.
Abode will be purchasing Magento from London-based private equity firm Permira, a company with approximately €30bn worth of assets under management, with the transaction set to complete in Q3 2018 of Abode’s financial year.