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.

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Updated 2 hours ago - Politics & Policy

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Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 11:30 a.m. ET: 2,841,124 — Total deaths: 129,689 — Total recoveries: 894,325 — Total tested: 34,858,427Map.
  3. States: Photos of America's pandemic July 4 ICU beds in Arizona hot spot near capacity.
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  5. Politics: Trump extends PPP application deadlineNew Jersey gov. wants national face mask requirement
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
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Tampa Bay Rays left fielder Austin Meadows bumps elbows Friday during a workout at Tropicana Field. Photo: Kim Klement/USA Today Sports via Reuters

When MLB teams arrived at the ballpark this weekend for the first summer workouts of 2020, the comforting sounds of baseball brought smiles to players' faces.

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