American software company Adobe Systems is acquiring e-commerce company Magento for nearly $1.7 billion to better compete in online shopping with rivals such as Salesforce and Oracle. In addition, the concern behind the popular Photoshop software program announced a new $8 billion share buyback program.
Adobe expects to complete the acquisition of Magento during the course of this year. It is the third largest acquisition by Adobe ever. The acquisition expands Adobe's services in e-commerce, such as around setting up websites for internet sales. Magento was sold by online shopping giant eBay in 2015 and has since been backed by investor Permira.
