eBay’s acquisition of Magento

Earlier on this summer eBay Inc agreed to acquire Magento with deal worth over $180 Million. eBay already owned a 49% stake in Magento worth at least $90 Million. This is all part eBay’s new global X.commerce group plan, which includes PayPal, Milo and RedLaser.

Magento Community Edition will remain open source, commercially backed by the eBay, which will really help boost it’s already dominant position in the open source eCommerce market. The long term plans of Magento will become strategic component of eBay’s X.commerce platform.

Roy Rubin speaks below in a video released shortly after the acquisition was announced:

The future of using Magento as an open source eCommerce platform has been strengthened by eBay’s acquisition, giving Magento more knowledge and skills, financial backing and long term goals to become the market leader in e-commerce. iWeb has complete confidence in continuing to use the Magento platform as a base for it’s non-bespoke eCommerce websites and we are very excited to see the future changes/features that this acquisition will bring to Magento.