Adobe also said its board of directors has approved a new $8 billion stock repurchase program that will run through 2021. Its current $2.5 billion buyback ends later this year, the company said.
Shares rose 1% to 240.50 in late trades on the stock market today. Shopify fell 3.8% to 139.
Magento customers include brands like Canon, Helly Hansen, Paul Smith and Rosetta Stone.
Purchase Closing In September
Adobe ranks No. 22 in the IBD 50 roster of growth stocks. The company said it expects the Magento purchase to close in the September quarter. Magento Chief Executive Mark Lavelle will stay on with the newly merged entity.
“Adobe is the only company with leadership in content creation, marketing, advertising, analytics and now commerce — enabling real-time experiences across the entire customer journey,” Brad Rencher, Adobe’s executive vice president for digital experiences, said in a press release.
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