eBay Inc. Completes Acquisition of Magento

eBay Inc. (Nasdaq:EBAY) announced it completed its previously announced acquisition of Magento, Inc., the creators of Magento, a leading open source ecommerce platform. The deal follows eBay’s acquisition of a minority stake in the company in 2010. eBay now owns 100 percent 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.

 [August 18, 2011]

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