 On Monday, San Jose, California, US-based software company Adobe Systems announced their plans to acquire California-based e-commerce handling web service Magento Commerce for 1.68 billion US dollars (USD). After Adobe made the announcement via their official website, Adobe's stocks rose by around one percent, ending Monday extended trading at USD 238.10 per share.
Magento provides services for the creation of digital ads and handling of online transactions. Magento's services are used by Nestlé, Coca-Cola, Warner Music, and Canon. The acquisition, which is expected to take place in the third fiscal quarter of this year, is to be an all-cash deal. Adobe is to acquire Magento from Permira equity firm. In 2015, Permira bought Magento from eBay, an eCommerce website. Adobe, in their official statement, said, "Magento Commerce Cloud will enable commerce to be seamlessly integrated into the Adobe Experience Cloud".
Adobe also announced a buyback of shares worth USD eight billion by 2021. Magento's CEO Mark Lavelle said, "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 [...] We're excited to join Adobe and believe this will be a great opportunity for our customers, partners and developer community".
After the announcement, stocks of Magento's competitors Shopify, Inc dropped by about 4.8%. They finished extended trading at USD 137.60 after the announcement. 

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Software giant Adobe Systems to acquire Magento Commerce for US$1.68 billion