07 June 2011

Magento aquired by eBay

eBay Inc. announced that it has agreed to acquire Magento Inc. It was also announced that Magento will join X.Commerce. 
eBay already had a minority stake in Magento, which it acquired last year. eBay revealed earlier this year that it had invested in 49% of Magento with US$ 22.5 million.
Magento's open-source, e-commerce software will become part of X.Commerce, eBay's newly created integrated open commerce platform group.
Financial terms of the acquisition were not disclosed.

eBay CEO John Donahoe said in a statement, "The feedback we've heard from external developers has been clear - they don't just want payments or an ecommerce site; they want access to a full set of commerce capabilities to build complete shopping experiences for merchants. We believe the acquisition of Magento and creation of our X.Commerce group will enable us to meet developers' needs and drive global commerce innovation for retailers and consumers."

Magento is an e-commerce platform provider that focuses on small to mid-sized e-retailers, based in Los Angeles with 290 employees.

1 comment:

Justin Parker said...

Ok look, eBay sucks. Has been sucking and continues to hemorrhage. I've turned several clients into happy e-commerce owners, because of eBay. So, this effectively confirms my suspicions of eBay buying up that competition, because they're too stupid to realize their site has become convoluted, cluttered, clunky AND overpriced. Back to Cubecart for me! If you have been interested just follow this link.