eBay announced that it has officially completed its acquisition of Magento, which it announced in June. eBay has owned a minority stake in the company since 2010. Now, it owns the whole thing.
Magento is an open source e-commerce platform. eBay CEO John Donahoe discussed the acquisition and its plans for it here:
Magento will be integrated into eBay's open commerce platform group X.commerce. More details about this will be discussed in October at the company's X.commerce Innovate Developer Conference, which Donahoe says will be "a big moment for all of us."
"The Magento platform serves tens of thousands of merchants worldwide and is supported by a global community of solution partners and third-party developers," eBay says. "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 stores. 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."
Terms of the deal were still not disclosed.
Last week, the company announced the completion of another previously announced acquisition in that of Zong, which provides payments through mobile carriers billing. That became part of PayPal.