eBay Acquires Magento

Online auction site eBay has agreed to acquire e-commerce platform maker Magento.

The Magento platform allows online merchants a feature-rich, open-source enterprise e-commerce product that offers users a high degree of flexibility and control over the content and functionality of their online store, eBay said in a statement.

eBay revealed earlier this year that, a year ago, it had invested in 49% of Magento with US$ 22.5 million, saying that it had not revealed its investment because Magento would continue to operate as an independent company.

Financial terms of the deal, which is expected to close in Q3 2011 were not disclosed.


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