Published on the 07/06/2011 | Written by Newsdesk
eBay Inc. today announced that it has agreed to acquire Magento Inc., the creator of a leading open source ecommerce platform…
John Donahoe, CEO of eBay, said that company will be integrated into eBay’s newly formed Open Commerce Platform group, and will be used to build on the capabilities of e-commerce company GSI Commerce, which the company is also in the process of acquiring.
“Combined we believe that these acquisitions will position us to become the strategic commerce partner of choice for retailers of all sizes.”
“With this new business we’re focused on providing ways for consumers and merchants to shop, sell, pay and be paid, by leveraging our company’s technology assets.”
“With the expertise and scale of eBay and PayPal we have all the pieces to create the global commerce operating system.”
eBay is now in the process of opening up their technology assets to outside developers to build a resource for merchants and retailers and extend the company’s reach.
“We’ve already seen the power and potential of this approach with PayPal’s platform, known as X, which we opened in 2009. We were the first global payments company to take this bold step, and since that time developers have pulled PayPal into exciting new consumer and merchant experiences.”
The deal follows eBay’s acquisition of a minority stake in the company in 2010.
