Adobe Systems Inc. agreed to acquire e-commerce platform Magento, Inc. for $1.68 billion.
The seller is a company backed by funds of private equity firm Permira Holdings Ltd., which acquired Magento from eBay Inc. in 2015. Hong Kong-based hedge fund manager Hillhouse Capital Management Ltd., which invested in Magento in 2017, is also selling its stake to Adobe.
The target will allow commerce to be integrated into Adobe Experience Cloud, which will serve both business-to-business and business-to-consumer customers globally, Adobe said.
Magento CEO Mark Lavelle will continue to lead the team as part of Adobe's Digital Experience business after the closure of the deal.
The transaction is expected to close in the third quarter of Adobe's 2018 fiscal year.
Qatalyst Partners was the exclusive financial adviser to Permira funds, while Fried Frank Harris Shriver & Jacobson was legal adviser.