eBay Inc. agreed to buy the remaining stake of Internet commerce platform company Magento Inc., which it previously had a 49 percent stake.
In February, eBay announced that it had made a $22.5 million investment in Magento a year earlier. Based in Los Angeles, Magento has about 290 employees and tens of thousands of merchant customers.
Ebay plans to remain in Los Angeles and continue supporting its partners and customers, as well as keep developing its product roadmap, while leveraging eBay’s additional resources and helping eBay develop X.Commerce, according to an FAQ about the deal Magento posted on its site.
The deal is expected to close in this year’s third quarter.