Last week the remaining 51% of Magento was purchased by eBay (PayPal) which puts PayPal’s total ownership of Magento at 100%. This was done in a strategic attempt by PayPal to launch their x.Commerce platform.
For us and our major partnership with Magento, it means that we will be able to play a more prominent role in the e-commerce on-line and off-line community. With Sweet Tooth at the top of Magento, the world’s largest e-commerce system with over 100,000 merchants, PayPal’s actions will enable Sweet Tooth to move towards being a world standard for e-commerce on-line and off-line rewards.
PayPal is planning on stimulating Magento’s growth and development to improve it further and push it towards the world’s standard for e-commerce. PayPal is also planning on creating a completely multi-channel solution with their upcoming in-store payment solutions, which WDCA plans to follow completely.
We congratulate Magento on their success, and I extend a personal congrats to Roy Rubin and Yoav Kutner on their sale of the company!
