eBay plans to acquire open source shopping cart provider Magento Inc. |
 After acquiring a $22.5 million stake in Magento in 2010, eBay (NASDAQ: EBAY) has offered to buy the remaining share for full ownership of the open source eCommerce provider. The shopping cart vendor has been popular with Webmasters and online merchants since launching in 2007 and has enjoyed widespread adoption by Web hosting providers worldwide. For example, Ann Arbor, MI-based Nexcess recently announced it has expanded its Magento Web hosting product line to the UK. Among the company’s popular software-as-a-service solutions is Magento Go, which provides smaller eCommerce merchants with the tools to facilitate easy payments and inventory management. John Donahoe, President and Chief Executive Officer, eBay said: “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 (www.magentocommerce.com) is based in Los Angeles, CA and employs a staff of 300 |
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