Permira, the global private equity firm, today announced that a company backed by the Permira funds has signed a definitive agreement to sell Magento Commerce, the worldwide leader in cloud digital commerce innovation, to Adobe (Nasdaq:ADBE) in an all-cash transaction for US$1.68bn. Hillhouse Capital, the Asia-focused investment firm, will also sell its stake in Magento to Adobe in this transaction.
Magento Commerce was acquired by the Permira funds from eBay Inc. in 2015 and received an investment from Hillhouse Capital in 2017. Over the past three years, Magento has undergone a period of rapid growth and transformation, which included:
- Creating a cloud-first platform for businesses of all sizes, enabling digital transformation from on-premise to cloud commerce systems, including advanced omni-channel, order management and business intelligence capabilities;
- Accelerating Magento’s global growth by enhancing operational execution and improving integration of Solution and Technology Partners, which included open source ecosystem monetization, market stratification into B2B and B2C verticals, and strategic deployment of capital to acquire core functionality and adjacent businesses; and
- Empowering Magento to create world-class leadership with key hires in product, sales, marketing and business development.
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