Campbell, Calif.-based Magento is the leading platform for open commerce innovation.
The software provider was founded in 2008 by Roy Rubin and Yoav Kutner. The company works hand-in-hand with the world’s biggest retailers, brands and branded manufacturers across business-to-consumer (B2C) and business-to-business (B2B) industries. Its two distinct platforms include Magento Open Source and Magento Commerce, the latter of which is available in an On-Premises version or as a platform as a service. Every year, the company handles over $100 billion in gross merchandise volume.
In June, 2001, it was announced that e-commerce pioneer eBay Inc. would acquire the open-source e-commerce platform in a deal worth $180 million. About four years later, the San Jose, Calif.-based e-commerce giant finalized its $925 million sale of its eBay Enterprise segment to a consortium of private equity investors including Permira Funds and Sterling Partners. As part of the deal, London-based Permira announced that it would spin off assets attained in the acquisition into Magento Commerce, and independent company centered around the open-source e-commerce software platform Magento.
Magento is headed by CEO Mark Lavelle, who took the helm in November 2015 after serving as Senior Vice President of Product for eBay Enterprise. Previously, the tech executive held titles including SVP of strategy and business development for both eBay Inc. and PayPal Inc. In a blog post following the company’s separation from eBay, Lavelle wrote, “this is the day that supporters of Magento have long awaited. And it is a day our competitors have long feared.” As part of eBay, Magento transformed from a small startup to a formidable company, growing revenue five-fold and adding innovative mobile and omnichannel products to its enhanced core platform.
The software provider’s customers include brands and retailers such as Hugo Boss, Valentino and Dr. Martens along with tech companies Informatica, Genesys, NDS and TeamViewer. Magento has earned handfuls of awards and titles including the leading commerce platform to the 2017 Internet Retailer Top 1000, B2B 300 and Europe 500 lists.