In March 2010 Magento announced that they have received sizable investment but kept the investor name secret. On Thursday eBay has revealed that they own 49% stake in Magento. Now, it’s officially confirmed that eBay owns 49% of Magento Inc.
You might think that what does eBay have to do with Magento but the fact is eBay knows that normal retailers in the coming years will not only sell on eBay but use their own ecommerce versions i.e. Magento. eBay has cemented it’s place by owning Magento which is prominent ecommerce platform.
EBay Inc. chief technology officer Mark Carges said that the investment helps eBay position itself as a resource for e-retailers, whether they conduct business on eBay.com or elsewhere. “Combined with the power of our platform innovations, we can offer retailers an unmatched advantage as an e-commerce partner,” Carges said. “We view our platform assets as enablers, not just for our business but for other retailers.”