Magento Commerce is a Campbell, Calif.–based cloud digital commerce platform provider led by CEO Mark Lavelle. It operates an open, cloud-based commerce platform and a large ecosystem of solution integrators and technology partners serving over 250,000 clients who collectively generate more than $50 billion in annual merchandise volume. The company offers Magento Commerce Cloud, which optimizes performance, security and extendibility of Magento Enterprise Edition, and integrates with its SaaS portfolio including Magento Commerce Order Management and Magento Analytics. Following its separation from eBay in November 2015 with backing from the Permira funds, Magento shifted its strategy toward public-cloud offerings. The company will use the $250M investment to accelerate its growth strategy, expand worldwide sales, marketing and client support, drive new product innovation and pursue future acquisitions. Permira will continue to own a majority stake while Hillhouse Capital is partnering with management to support long-term growth. Magento Commerce develops an open-source e-commerce software suite positioned as a central platform for online merchants. According to the article, the product began as a project of Varien and has been spun out as a stand-alone venture. The company reports over 60,000 merchants using its software, about 1.5 million downloads as of January 2010, and more than $15 billion in registered transactions to date. Magento says it received a $22.5 million capital injection in an equity funding round, described in a regulatory filing as ‘fresh’ cash. Management is positioning the product to become the single largest e-commerce platform and plans additional offerings, including mobile commerce and a SaaS offering, later in the year. Varien also provides e-commerce consulting and services alongside the Magento product.

Total raised

$273M

Funding rounds

2

Latest round

Equity

Latest activity

Jan 2017