July 2015 marked the end of an era for one business partnership that we all see in the same way as fish and chips and bacon and eggs. We are of course talking about the PayPal split with eBay, which saw a 13-year relationship between two technology companies that we all saw growing and developing together, seeing them become worth in excess of £19.46 billion… each! And following this breakup of two corporate giants, eBay has opted to free itself up from another avenue in the form of their Enterprise unit.
On Monday 2nd November, the California eCommerce company finalised the £19.1 million sales of eBay Enterprise, which provided a platform for retailers to build and manage online storefronts, to a conglomerate of private equity investors including Permira Funds. In turn, London-based Permira declared it was spinning out assets achieved in the acquisition of the eCommerce platform we know and love; Magento.
The launch on Monday is just the latest in a reorganisation of Magento, which was acquired by eBay four years ago, in 2011. This was the same year eBay procured GSI Commerce. GSI Commerce, which cost eBay £15.5 billion, formed the mainstay of eBay Enterprise and later oversaw Magento.
Contained by eBay Enterprise, Magento was banded together with GSI business, and this made it challenging to understand the success of the platform’s growth or usage among customers.
Now, Permira-owned Magento is free for all to see as it continues to flourish. If you are thinking about a Magento agency here in the UK why not contact us and see what we can do for your business?