DOW JONES NEWSWIRES
EBay Inc. (EBAY) agreed to acquire the remaining stake in
Internet commerce platform company Magento Inc. that it doesn't
already own, expanding its portfolio of capabilities that it can
offer to online merchants.
Terms of the deal weren't disclosed.
EBay, which expects the deal to close in the third quarter, said
at its analyst day in February that it acquired a 49% stake in
Magento, an ecommerce platform that enables online sales, last
year. That investment was worth $22.5 million, according to a
filing Magento made with the Securities and Exchange Commission in
March 2010.
EBay last month said it could use some of the $2.4 billion from
selling its Skype SARL stake for acquisitions--in particular tools
that allow customers to shop, locate goods and compare prices while
using their mobile phones.
The company has been under pressure to revive its stalling
market-place business which has come under pressure from more
user-friendly sites such as Amazon.com Inc. (AMZN).
EBay said its expects the acquisition and its open commerce
X.Commerce group will allow it to provide services for merchants
and retailers beyond payments and websites. The company said more
details would be released during the X.Commerce Innovate conference
in October.
Magento's clients include major companies such as Ford Motor Co.
(F) and Swatch Group AG (SWGAY, Z.SWG).
EBay shares were down eight cents at $30.22 in recent
trading.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481;
Tess.Stynes@dowjones.com