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Adobe to acquire Magento for $1.68 B

Adobe announced today that it was acquiring Magento for $1.68 billion. The purchase gives Adobe a missing Ecommerce platform piece that works in B2B and B2C contexts and should fit nicely in the company’s Experience Cloud.

It should also help Adobe compete with Salesforce, which offers its own marketing, sales and service offerings in the cloud and bought Demandware for more than $2 billion in 2016 to provide a similar set of functionality.

Brent Leary, who owns CRM Essentials and keeps a close on the intersection between marketing and CRM, says this fills an obvious hole in Adobe’s Experience Cloud. “Now they have an offering that allows them to close the loop with consumers, who are able to finalize a digital transaction that started online with digital marketing tools Adobe already offered,” Leary explained.

Leary also sees this deal bringing Microsoft and Adobe, who have already announced partnerships in the past closer together. “But maybe even more interesting may be how this may further the relationship Adobe has with Microsoft. As they also are missing an Ecommerce piece to their customer engagement platform,” he pointed out. Leary speculates this could lead to an even deeper relationship between the two companies as they are each battling Salesforce.

Magento was founded in 2008 and purchased by eBay in 2011 in a deal reported to be just $180 million. The company went private again in 2013 with help from Primera Funds. Today the company sold for almost $1.7b. That’s a heft increase in value since that 2011 purchase.

This story is developing. More to come.

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Cryptocurrency wallet startup Cobo raises $13M Series A to enter the U.S. and Southeast Asia

Cobo, a cryptocurrency wallet startup headquartered in Beijing, has raised a $13 million Series A to enter new international markets. The round was led by DHVC and Wu Capital, a family office based in China. Cobo plans to expand in the United States and Southeast Asia, in particular Vietnam and Indonesia. Cobo is also now taking pre-orders for Cobo Vault, a hardware wallet (pictured above) that it claims is military grade. Cobo’s Series A brings its total funding to $20 million so far. Cobo Wallet allows users to store both proof-of-stake and proof-of-work coins. One incentive for people to pick the app over its competitors is the ability to pool proof-of-stake assets with other users so they can increase their chances of mining and validating new blocks on the blockchain. Since launching earlier this year, Cobo says its digital wallet has gained more than 500,000 users. The startup was founded last year by CEO Shixing Mao, who is known as Discus Fish in the crypto community, and CTO Changhao Jiang, a former platform engineer at Facebook and Google who co-founded Bihang, a cryptocurrency wallet acquired by OKCoin in 2013. Discus Fish, meanwhile, is known for launching F2Pool, China’s first mining pool. Cobo Vault, which will retail for $479, meets the MIL-STD-810G U.S. military standard for equipment, Cobo’s head of hardware Lixin Liu said in an email, adding that it was built with proprietary firmware created especially for the device, a bank-grade encryption chip and military-grade aluminum. Cobo Vault’s creation was prompted by an August 2017 incident in which F2Pool was hacked and more than 8,000 ETH was stolen from Discus Fish’s account. Fish also refunded customers’ lost ETH from his own assets. “As a result, Discus Fish was resolute on the fact that for crypto to gain mass market adoption, products had to be made to be hacker-resistant and truly safe,” said Liu.

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