- 5 January 2017
- Transport / Logistics Services
E-commerce backend software provider Magento Commerce has announced that Chinese investment company Hillhouse Capital will make a USD $250 million investment in the company.
Magento supports a great number of well known e-commerce websites. Founded in 2008 it was sold to eBay in 2011 but eBay divested the enterprise division in November 2015. Now known as Magento Commerce is now an independent company with major shareholders including the Permira investment company.
Commenting on the Hillhouse investment, Mark Lavelle, CEO of Magento Commerce, said: “Since becoming an independent company only one year ago, Magento is already the largest global commerce platform in the world.
“Our powerful, cloud-based open platform is supported by a vast global ecosystem of solution integrators and technology partners to enable over 250,000 clients who collectively generate more than $50 billion in annual merchandise volume. But we are only just getting started.
“In addition to the capital that will accelerate our growth, this investment brings the experience and long-term perspective of another marquee investor. Both Hillhouse and Permira see that in nearly every industry, there is a major secular acceleration taking place driving demand for digital commerce technology. Yet clients have few options when looking for a company whose sole focus is on digitizing the customer experience across all channels where commercial transactions occur. Magento’s goal is to be the leading company for the next generation of commerce innovators, and it is a privilege to have two prominent technology investors backing our vision.”
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