Magento Acquired By eBay

Los Angeles-based Magento, the developer of e-commerce software headed by Roy Rubin, has been acquired by eBay, eBay said this morning. Financial terms of the acquisition were not disclosed. eBay already had a minority stake in Magento, which it acquired last year. Magento's open-source, e-commerce software will become part of X.Commerce, eBay's newly created integrated open commerce platform group. Magento had more than 290 employees.