China-based investment firm Hillhouse Capital will make a $250m investment Magento Commerce.
Magento’s digital commerce platform technology underpins many well-known e-commerce sites. Magento was founded in 2008 and sold to eBay in 2011. In November 2015, eBay sold its enterprise division – now known as Magento Commerce – to the Permira investment firm and other investors.
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.”
Source: Magento Commerce