Magento is an opensource ecommerce platform written in PHP. This software was originally developed by the parent company Varien Inc. (US). This software was first launched in 2007 by the CEO Roy Rubin. The company was first sold to eBay Inc a Paypal company in 2010 in just $180 million which was approximately the 49% of the shares. In 2011, eBay acquired rest of the Magento shares. In 2015, the company went private again with the funds invested by Permira Funds. Sources say that Permira Funds has invested approximately $200 million on this.
Today, May 21st 2018, the company got sold for almost $1.7 billion by Adobe. From Adobe's perspective, this is going to help company's enterprise customers for their ecommerce needs on the cloud. This will also help Adobe to compete with its current competitors like SalesForce, which offers its own products in the cloud.
According to ecomitize.com, a total number of 250000+ live online stores are developed on Magento 1x and 2x, and other 300,000 have used Magento in the past since its first launch in 2007.
Magento eCommerce application is designed with the essential features that allow merchants ad store owners to build a very custom online shops for their ecommerce business and for this reason Magento is the #1 eCommerce platform for huge brands like Coca-Cola, Nike, Samsung, Ford, Lenovo, Nestle Nespresso, Bulgari, just to name a few.
We wish Adobe all the best and hope for a better ecommerce future for customers who are using Magento as their ecommerce application. We hope this new endeavor will help the ecommerce world to the next level.