San Jose, Calif. – Online auction giant eBay said on Monday it will acquire Los Angeles-based Magento, developer of an open source e-commerce platform.
Financial terms of the deal, expected to close in the third quarter, were not disclosed.
eBay had last year acquired a minority stake in the company.
Magento’s open-source platform is used by tens of thousands of merchants to help operate their online stores.
“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,” said John Donahoe, the president and CEO of eBay.
With the acquisition, eBay said it will create an open commerce platform group called X.Commerce, which will include a developer resource for merchants and retailers.