eBay Acquires Open Source eCommerce Platform Magento

eBay has announced that they are now too much agreed to acquire Meagento which is a Los Angeles based company that contain more than 290 of the employees, also it is an open source eCommerce platform. This deal also follows by the eBay’s acquisition of a minority stake in the company in the year of 2010 March, moreover eBay was one of the Megento’s first outside investor.

Aside from closing of the transaction eBay will also own 100 percent of the outstanding shares of the Magento, which will continue to be operated out of Los Angeles. But this is sorry to say that till yet the deal were not properly disclosed, also it is not clear how much eBay will shell out for Magento. The transaction is subject towards the customary closing condition which includes some of the regulatory approval and this is expected to close in Q3 the year of 2011.

Here is not over, aside from that the platform of Magento also serves tens thousand of the merchants world wide, which is also a global community of the existing solution partners as well as the third party developers. Also this open source enterprise class commerce solution is always offers some merchants control all over the user experience, content, catalog as well as functionality of their online store. Moreover the company of Meagento Go always hosted software as a service solution which always provides small as well as growing merchants along with online tools- from the payments to the inventory management.

X.Commerce is the eBay’s newly created or integrated open commerce platform group which focuses on leveraging the company’s main assets as well as partner technologies in order to build up a strong, robust developer company like a resource for the merchants and retailers in sizes. Also Megento is now expected to be folded into the X.Commerce which is targeting now few small retailers which otherwise might work with Amazon. So due to those wondering, this is just really a further attempt from the eBay to compete with Amazon.