Adobe has entered into a definitive agreement to acquire commerce platform Magento Commerce for $1.68 billion. The transaction, subject to regulatory approval and customary closing conditions, is expected to close during the third quarter of Adobe’s 2018 fiscal year.

Upon close, Magento CEO Mark Lavelle will continue to lead the Magento team as part of Adobe’s Digital Experience business, reporting to executive vice president and general manager Brad Rencher, said Adobe in a statement.

Current Magento customers include brands like Canon, Helly Hansen, Paul Smith and Rosetta Stone. Adobe and Magento share joint customers including Coca-Cola, Warner Music Group, Nestlé and Cathay Pacific.

Until the transaction closes, each company will continue to operate independently, says Adobe.

Read Mr. Lavelle’s blog post on the acquisition here:

[Image courtesy: Magento]