Magento, founded in 2008, was purchased by eBay in deal reported to be around $180million in 2011. The company went on to become private again with the support of Permira Funds in 2015 for a reported $200 million. Adobe's purchase of Magento for $1.68 billion is the company's largest acquisition in nearly a decade. Adobe's last big ticket acquisition was in 2009, when Adobe acquired digital advertising player Omniture. The Magento acquisition is subject to regulatory approval, and is expected to close during Adobe's third quarter.
Shopify Inc, Magento competitor, dropped by as much as 5.5 % following the announcement.
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