EBay Buys Magento to Boost Small Business E-Commerce Services

EBay has purchased Magento, a “software as service” company that helps small retailers run their online shops. EBay won’t disclose terms, but says the deal won’t be material, and that it had already purchased a minority stake in the company last year as part of a $22.5 million funding round. Magento will get folded into X.Commerce, eBay’s new “integrated open commerce platform group,” which is targeting small retailers that might otherwise be working with Amazon.