Magento sold as part of eBay Enterprise sell off
We all knew it was on the cards but eBay has confirmed previous rumors that it’s selling its enterprise services business, eBay Enterprise, for $925 million.
The unit specialises in developing and managing ecommerce sites for retailers that are looking to re-create their real-world business on the Internet. This includes Magento.
In the announcement eBay said it’s selling the arm to a consortium consisting of Sterling Partners, a U.S.-based private equity firm; Longview Asset Management, a Europe-based asset-management company; Innotrac, a U.S.-based ecommerce fulfillment company; and undisclosed companies owned by global investment fund Permira.
eBay acquired GSI Commerce in 2011 for $2.4 billion, and was rebranded as eBay Enterprise two years later. This effectively means eBay is selling the business for $1.5 billion less than what it paid four years ago.
Interestingly, one of the consortium members, Innotrac, entered a merger agreement with GSI Commerce back in 2009, but the deal was subsequently cancelled before it could be completed.
eBay Inc. Reaches Definitive Agreement to Sell eBay Enterprise