eBay snaps up Magento

Open source e-commerce platform Magento has been acquired by eBay, reports The Whir.

The amount of the acquisition was not disclosed. Magento says it believes this move will open opportunities for the entire Magento ecosystem, including becoming a part of an open commerce platform being developed by eBay.

eBay says Magento will join the company's new X.Commerce initiative. X.Commerce is eBay's integrated open source platform group that will be revealed to developers in more depth in October, according to Mashable.

In a report by Internet Retailing, John Donahoe, president and CEO of eBay says: “Technology-driven innovation is blurring the lines between online and offline commerce, changing the way consumers shop and enabling retailers of all sizes to benefit from the developer community.

“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.”