eBay Inc. – eBay Inc. Agrees to Acquire Magento
Magento to join X.Commerce, eBay Inc.’s integrated open commerce
platform group
SAN JOSE, Calif.–(BUSINESS WIRE)–
eBay Inc. (NASDAQ:EBAY) today announced that it has agreed to acquire
Magento Inc., the creator of Magento, a leading open source ecommerce
platform. The deal follows eBay’s acquisition of a minority stake in the
company in 2010. Upon closing of the transaction, eBay will own 100
percent of the outstanding shares of Magento. Terms of the deal were not
disclosed.
The Magento platform serves tens of thousands of merchants worldwide and
is supported by a global community of solution partners and third-party
developers. 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 store. 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. Magento is a Los Angeles-based company with more than 290
employees.
“Technology-driven innovation is blurring the lines between online and
offline commerce, changing the way consumers shop, and enabling
retailers of all sizes to benefit from the latest innovations from the
developer community,” said John Donahoe, President and Chief Executive
Officer, eBay Inc. “The feedback we’ve heard from external developers
has been clear — they don’t just want payments or an ecommerce site;
they want access to a full set of commerce capabilities to build
complete shopping experiences for merchants. We believe the acquisition
of Magento and creation of our X.Commerce group will enable us to meet
developers’ needs and drive global commerce innovation for retailers and
consumers.”
X.Commerce, eBay’s newly created integrated open commerce platform
group, is focused on leveraging the company’s assets and partner
technologies to build a strong, robust developer community as a resource
for merchants and retailers of all sizes. More details will be shared
with developers during the X.Commerce Innovate conference on Oct. 12-13
in San Francisco.
eBay does not expect the acquisition of Magento to have a material
impact on its financial guidance as issued in conjunction with its first
quarter earnings release on April 27, 2011. The transaction is subject
to customary closing conditions, including regulatory approvals, and is
expected to close in the third quarter of 2011.
About eBay Inc.
Founded in 1995 in San Jose, Calif., eBay Inc. (NASDAQ:EBAY) connects
hundreds of millions of buyers and sellers globally on a daily basis
through eBay, the world’s largest online marketplace, and PayPal, which
enables individuals and businesses to securely, easily and quickly send
and receive online payments. We also reach millions through specialized
marketplaces such as StubHub, the world’s largest ticket marketplace,
and eBay Classifieds sites, which together have a presence in more than
1,000 cities around the world. For more information about the company
and our global portfolio of online brands, visit www.ebayinc.com.
About Magento
Magento (http://www.magentocommerce.com/)
is a feature-rich, open-source, enterprise-class ecommerce solution that
offers merchants a high degree of flexibility and control over the user
experience, catalog, content, and functionality of their online store.
Launched in 2007, the Magento platform now serves tens of thousands of
merchants worldwide, and is supported by a global community of solution
partners and third-party developers. Magento Go is a hosted,
software-as-a-service solution that provides small and growing merchants
with the ecommerce tools they need to succeed online. Based in Los
Angeles, Magento, Inc. is a fast-paced, entrepreneurial organization
dedicated to the mission of enabling the eCommerce ecosystem. www.magentocommerce.com
Forward Looking Statement
This announcement contains forward-looking statements that involve risks
and uncertainties, and actual results could differ materially from those
discussed. Factors that could cause or contribute to such differences
include, but are not limited to, the possibility that the transaction
may not close, the reaction of Magento’s customers, partners, developers
and community members, the future growth of Magento’s business, the
reaction of competitors to the transaction and the possibility that
integration following the transaction may be more difficult than
expected. More information about potential factors which could affect
our business and results is included in eBay’s Annual Report on Form
10-K for the year ended December 31, 2010, its Quarterly Reports on Form
10-Q, its Current Reports on Form 8-K, and other periodic filings. All
forward-looking statements are based on information available to eBay on
the date hereof, and eBay assumes no obligation to update such
statements.
eBay Inc. Corporate Communications
Kathy Chui
[email protected]
or
eBay
Inc. Investor Relations
Cosmin Pitigoi, 408-376-7493
[email protected]
Source: eBay Inc.
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