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Shopify shares slip after Adobe Systems buys ecommerce rival Magento

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. read more