eBay Acquires Magento and Launches Open-Commerce Brand, X.Commerce

eBay will acquire Magento, an open-source ecommerce platform, in which it had acquired a 49% stake last year for $22.5 million. eBay also launched a branding effort called X.Commerce located at X.com, which was formerly the home of the PayPal Developers program.

eBay CEO John Donahoe said in a statement, “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. We believe the acquisition of Magento and creation of our X.Commerce group will enable us to meet developers’ needs and drive global commerce innovation for retailers and consumers.”.. Read More [via auctionbytes]