15 Mar eCommerce specialist Magento has 49% bought by eBay
eBay made the $22.5m investment back in March 2010, but the name of Magento’s secret backer remained secret up until now.
Magento is the developer of one of the fastest growing eCommerce platforms with year on year growth of 250%. The platform is open source and has been downloaded 3 million times and powers roughly 100,000 online shops worldwidetaking over $25 billion in sales each year.
eBay have called the investment a partnership, allowing eBay’s subsidiary PayPal to integrate it’s payment gateway system with Magento’s order system and shopping cart.
Magento already offer a plugin for their platform called M2E which allows a seamless integration between a business’s online shop and their eBay listings, orders and payments.
PayPal have helped Magento in the development of their Magento Mobile product which allows online retailers to easily create a mobile app allowing customers to shop from their smart phones.