Adobe has announced that it is acquiring Magento that works in B2B and B2C context for USD 1.68 billion.
Magento will help Adobe compete with Salesforce and provide functionality in e-commerce space.
The acquisition will help Adobe close the loop with consumers in the company's Experience Cloud. The deal is also seen as a way of Microsoft and Adobe coming closer as they will be able to collaborate better against Salesforce, TechCrunch reported.
Magento was founded in 2008 and was first acquired by eBay in 2011. The company again went private in 2015.
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