Last year,eBay acquired Magento, developer of an open-source e-commerce platform for around $180 million. Magento became part of X.commerce, a combined open platform business from eBay and PayPal. A year after the acquisition was announced, Magento co-founder and CTO Yoav Kutner has left eBay. While fellow Magento co-founder Roy Rubin sent Kutner off with a warm farewell, Kutner doesn’t have such nice things to say about eBay and X.commerce, according to this post on Quora.
In response to the question of why he left eBay, Kutner responded (Kutner confirmed to us that he posted this response): I will answer and give much more information over the next few weeks as to the reasons I had to leave Magento. As for now I can say that (very) short term I would not be worried about the ‘open’ part of Magento, but as I have learned eBay and the folks at X.commerce don’t really understand the meaning of open and have a hard time explaining and defining it to them selves and to others. As such, long term, it would be very interesting to see if Magento will continue to stay open in the manor the people behind Magento and I meant it to be. → Read More
Earlier this month, eBay acquired Magento, developer of an open-source e-commerce platform. Terms of the deal were not disclosed, but we’ve heard from multiple sources that the ecommerce and digital payments giant paid north of $180 million for the company, which will become one of the pillars of eBay’s new X.commerce group (alongside PayPal, Milo and RedLaser).
Apart from the purchase price, we’ve also learned that there is more to this deal than meets the eye, so we dug a little to find out what’s going on behind the scenes. → Read More
According to a regulatory filing, LA-based Magento Commerce, which develops an open source e-commerce software suite, has recently received a $22.5 million capital injection in an equity funding round.
Magento was originally a product developed and marketed by Varien, a 9-year old company that also delivers e-commerce business consulting and other services, but has now effectively been incorporated as a stand-alone venture. It’s unclear whether the financing of Magento comes from Varien, or if the latter company’s existing and / or other investors have stepped in to provide funding. Either way, the company says it concerns ‘fresh’ cash. → Read More
Tim Schulz has resigned from his role as Senior Product Manager at MySpace, he confirmed a couple of hours ago on Twitter. Schulz let the MySpace executive team know that he was leaving the social networking company on Friday, and he informed us that starting January 2010, he’ll be running products as part of the general management team at e-commerce startup Magento.
Schulz was hired in the Fall of 2008 to work for MySpace International, and later moved to a senior role in the Product Strategy team together with Todd Leeloy (former VP of International Product and now VP, Strategy under Jason Hirschhorn). Schulz focused a lot on the realtime web. → Read More
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