Magento has reached an agreement to be acquired by eBay Inc. which previously had a 49 percent stake of shares, in a bid to build a broader commerce operating system that spans online, mobile, social and local. eBay will own 100 percent of the outstanding shares of Magento. Terms of the deal were not disclosed. Magento believe this move will open incredible opportunities for the entire Magento ecosystem.
eBay is evolving to become a strategic commerce partner focused on delivering new ways for merchants of all sizes to drive innovation. It expects the acquisition and the open commerce X.Commerce group will allow it to provide services for merchants and retailers beyond payments and websites. Magento will be at the core of this new, open commerce platform, called “X.Commerce.”
X.Commerce, an open platform that can offer a wide array of end-to-end services to merchants, providing everything from local inventory data and discounts to historical information on pricing, transactions and browsing. It then offers tools for payment and helps close the loop on transactions so retailers know how it all came together. More details will be shared with developers during the X.Commerce Innovate conference on Oct. 12-13 in San Francisco.
From the eBay press release: “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.” It’s a necessary step and a sign of how the world of commerce, online and offline, is all coming together.
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