Mergers and Acquistions News
Categories: Software
June 7th 2011, 12:02PM
Online auction website EBay has announced this week that it is to acquire Magneto Inc, the creator of an open source ecommerce platform.
Reuters reported that the deal, for which the terms have not been disclosed, is part of the company's push to provide technology resources for merchants and retailers.
It follows EBay's acquisition of a minority stake in the company last year. This deal will mean the company takes on the whole of the ecommerce provider.
In a statement, EBay said that Magneto would complement the efforts of its recently-formed X Commerce platform group to serve developers.
Magneto serves many high-profile clients, including Samsung, Breville and Nespresso.
This is the latest in a string of acquisitions for EBay.
The company purchased advertising company Where in April, and in March it announced it would buy ecommerce service provider GSI Commerce Inc for a total of $2 billion (£1.2 billion).
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