Friday, February 11, 2011

Magento's Major Investor: eBay

The secret investor in Los Angeles-based Magento, the developer of e-commerce website software run by Roy Rubin is online auction giant eBay, according to reports. Magento, which according to a regulatory filing raised $22.5M in March of last year, had acknowledged a funding, but had not revealed any details on the firm's investors. According to AuctionBytes, eBay revealed that it owns 49 percent of Magento this week in an Analyst Day, and took a stake in the firm via its subsidiary, Paypal. Magento's e-commerce software is used by online stores to manage their online e-commerce efforts.

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