Magento Now Officially a Part of eBay’s X.commerce Portfolio

eBay completed its previously announced acquisition of Magento Inc. The company adds a major component to eBay’s portfolio by offering merchants a popular open-source ecommerce platform with a vibrant developer community. eBay’s payment unit PayPal has also moved to an open-source model that has helped it capitalize on innovative ecommerce solutions launched by third-party vendors.

Magento also offers a web-hosted storefront solution for smaller online retailers called Magento Go that competes with eBay’s ProStores, with plans starting at $15/month.

eBay had acquired a minority stake in Magento in 2010, it revealed at this year’s Analyst Day in February. eBay announced on Wednesday that it now owns 100 percent of the outstanding shares. Terms of the deal were not disclosed, but the acquisition price of last year’s 49% stake was a reported $22.5 million.

Magento is a key part of eBay’s new X.Commerce initiative along with eBay and PayPal, and Magento founder Roy Rubin is slated to present at eBay’s X.Commerce Innovate developers conference set to take place October 12-13 in San Francisco. eBay promised to reveal more about its “integrated open commerce platform group” during the conference.