eBay Inc. (NASDAQ:EBAY) had acquiredMagento, the founder of an open source e-commerce platform, such a move that could aid eBay to progress its gears for online store developers.

The online auctioneer precious year obtained a marginal stake in Magento, which is Los Angelesbased company and has about 290 workers and a lot ofmerchant customers. The deal is anticipated to happen in this year’s third quarter. The arrangement is for Magento to stay in Los Angeles and carry on bucking its partners and patrons, as well as keeps mounting its product roadmap, while leveraging eBay’s supplementary resources and serving eBay Inc. (NASDAQ:EBAY) to develop X.Commerce.

Magento’s platform is structured to be modular and flexible, so that e-commerce manufacturers can have tight grip over how they put up their online stores than if they make use of software whose source code can’t be customized.

Magento will be converted into part of eBay’s new X.Commerce group, whose task is to generate a vibrant developer ecosystem around, what is known in company terms as “an open commerce platform.”

EBay is also following many sellers that usually prefer to do trade with Amazon. EBay decided to pay $2.4 billion for GSI Commerce in March, which would make a suite of e-commerce and digital marketing tools and services utilized by many large sellers including Adidas, Calvin Klein, Levi’s, Ace Hardware, Godiva, Radio Shack andToys. EBay is developing to become a deliberate trade partner focused on providing new ways for merchants of all sizes to make innovation.

In the previous year, EBay had struggled to cultivate the revenue of its main business, the auction and fixed-priced market, but it saw better expansion in the PayPal online payment unit, and is searching to get benefit from on emerging e-commerce trends, like mobile commerce and the enlarged synergy between online and offline shopping.

Magento Store on Wikipedia