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Adobe's San Jose Calif. headquarters. Photo: Getty Images
Adobe said Monday it is paying $1.6 billion to acquire e-commerce software company Magento Commerce from private equity firm Permira. The deal is expected to close in Adobe's third fiscal quarter.
Why it matters: Though best known for its graphics software, Adobe has expanded significantly into the digital business and commerce area in recent years. In 2009, it agreed to pay $1.9 billion to acquire Omniture.
Based in the Silicon Valley suburb of Campbell. Calif., Magento has more than 750 people. It was founded in 2008, acquired by eBay in 2011 and spun back out in 2015.