eBay Inc. Finalizes Acquisition of Magento
>By James Lenhart
eBay Inc. the company best known for online auctions has purchased an open-source e-commerce platform called Magento. The company originally had a minority stake in Magento back in 2010, but has sealed the deal to acquire 100% of their outstanding shares. Terms of the deal have not been disclosed. Magento will be part of eBay’s X.commerce program, which is an open source platform dedicated to helping businesses of all sizes. X.commerce helps developers create robust e-commerce platforms for online retail sites.
Magento is best known for their inventory services and payment management as they offer a hosted solution that provides anyone with the software needed to manage their business. It’s unclear how much involvement eBay will have with the company, but eBay says they’ll release more information at the X.commerce Innovate Developer Conference, October 12-13 in San Francisco.