Ebay Sells Magento

On November 2, Magento CEO Mark Lavelle announced, that their parent company Ebay has sold Magento (along with eBay Enterprise) to a consortium of buyers led by Permira Funds & formed a new independent company called Magento Commerce.

Back in 2010, eBay invested in Magento (then an in-house product of Varien), and was quickly spun off into a stand-alone venture. One year later (June 2011), eBay purchased the remaining stake of Magento. While under the eBay umbrella, Magento’s revenue grew five-fold, they made large investments in the core platform, and added mobile and omnichannel products. Magento, more focused than ever, began looking for partners/buyers in early 2015 to be able to take them to the next level. And it looks like they’ve found a solid backing! Permira Funds has funded big brands like Hugo Boss, Teamviewer, and Pharmaq. It’ll be exciting to see what Magento does now that they’re fully focused, backed, and have gained “big time player” enterprise experience underneath the ecommerce behemoth eBay.

Read more about this exciting change here.

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