eBay has agreed to acquire Magento, the creator of Magento, a leading open source ecommerce platform. The deal follows eBay’s acquisition of a minority stake in the company in 2010. Upon closing of the transaction, eBay will own 100 percent of the outstanding shares of Magento. Terms of the deal were not disclosed.
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 store.
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 is a Los Angeles-based company with more than 290 employees.
eBay does not expect the acquisition of Magento to have a material impact on its financial guidance as issued in conjunction with its first quarter earnings release on April 27, 2011. The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in