TORONTO — Shopify shares slipped by more than six per cent in today after its rival Magento Commerce was bought by Adobe Systems.
The e-commerce company’s stock fell by as much as 6.47 per cent to $177 in Toronto in morning trading, a day after the U.S. software giant announced the acquisition.
Adobe, best known for its Photoshop picture editing software, on Monday said it has signed a US$1.68-billion agreement to buy Magento.
Magento’s platform helps companies set up online stores and manage orders. Its customers include Canon, Helly Hansen and Paul Smith.
Adobe says the acquisition will enable e-commerce to be seamlessly integrated into its own platform.
Shopify shares on the New York Stock Exchange were also down by more than four per cent today at US$138.38.
The Canadian Press