eBay completes buyout of open source e-commerce platform
SAN JOSE, Calif. — eBay announced that it has completed its previously announced acquisition of Magento Inc., the creators of Magento, a leading open source e-commerce platform. The deal follows eBay’s acquisition of a minority stake in the company in 2010. eBay now owns 100% of the outstanding shares of Magento. Terms of the deal were not disclosed.
The Magento platform serves tens of thousands of merchants worldwide and is supported by a global community of solution partners and third-party developers. Magento is a feature-rich, open-source, enterprise-class commerce solution that offers merchants a high degree of flexibility and control over the user experience, catalog, content and functionality of their online stores. Magento Go, the company’s hosted software-as-a-service solution, provides small and growing merchants with the tools to help them succeed online – from payments to inventory management.
Magento will be a part of X.commerce, eBay Inc.’s integrated open commerce platform group, focused on leveraging the company’s assets and partner technologies to build a strong, robust developer community as a resource for merchants and retailers of all sizes. More details will be shared with developers during the X.commerce Innovate Developer Conference, October 12-13 in San Francisco.