Ecommerce platform Magento has been acquired by eBay and will take its place within X.Commerce, eBay's newly created integrated open commerce platform group. Ebay has held a minority stake in Magento since 2010. 

The Magento platform has grown very quickly since its launch in 2007 and now serves tens of thousands of merchants according to the company. 

“Technology-driven innovation is blurring the lines between online and offline commerce, changing the way consumers shop, and enabling retailers of all sizes to benefit from the latest innovations from the developer community,” said John Donahoe, President and Chief Executive Officer, eBay Inc. 

More details will be shared with developers during the X.Commerce Innovate conference on Oct. 12-13 in San Francisco.

“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.”