Abobe Acquire Magento Ecommerce Platform for $1.68 Billion USD

Adobe Systems Inc. today announced that it is acquiring Magento, one of the most popular open-source e-commerce platform for our whooping 1.68 billion USD. This is a major acquisition by Adobe which was looking for a partner in the e-commerce industry. This is a major news for the e-commerce world especially Shopify, which is seen as a fierce rival to Magento. Shopify has gained thousands of small to midsize e-commerce retailers from popular e-commerce platforms such as Magento, OS commerce, Prestashop and this is a major update. Last month, Square announced that it would require a popular website builder platform name Weebly for three $365 million and today Adobe made this surprise announcement of its acquisition. Adobe has popular software's including Photoshop, flash, Adobe analytics and this platform will definitely provide a Launchpad to the e-commerce market. Magento technology supports more than one $155 billion in gross merchandise volume and has customers that include Canon Inc., Coca-Cola etc. eBay previously owned Magento which was later sold to Permira holding LLP in the year 2015. This punch is wordlessly the company battle cloud-based services especially the e-commerce.