Magento was originally developed at Varien, a web development company, and launched in 2007. eBay invested in a minority stake in the company in 2010 and acquired the remainder of the company in its entirety on August 17, 2011. A majority stake in Magento was sold to Permira for $150 million in 2015. Private equity investor Hillhouse Capital Group provided $250 million in funding in 2017. Though the technology was open source, the company was reportedly valued at about $700 million at the time. Adobe Systems offered $1.68 billion to acquire the company in 2018.
- Magento is Now Part of Adobe by Mark Lavelle, Magento. 2018-06-19.
- Experience Magento, Adobe Experience Cloud. Accessed 2021-11-03.
- Varien announces Magento, a new open source eCommerce platform, Varien. 2007-04-05. Archived 2007-04-09.
- eBay Inc. Completes Acquisition of Magento, eBay Inc. 2011-08-17.
- eBay spinoff's value goes from $150 million to $1.68 billion in Adobe buyout by Cromwell Schubarth, Silicon Valley Business Journal. 2018-05-21.