Magento is an open-source e-commerce platform written in PHP. This was first developed by Varien Inc., a US based private company headquarted in California, with assistance from volunteers. The first general-availability of the software was published on March 31st, 2008. Roy Rubin soon sold a huge chunk of the share to eBay. Then eBay gradually acquired the share and then spun off the company.
According to the research conducted by AheadWorks in 2015, Magento’s market share among the 30 most popular e-commerce platforms is 29.8%. Then on November 17, 2015, Magento 2.0 was launched with an aim to offer new ways to increase user engagement, smooth navigation, conversion rates and overall revenue generation. Table locking issues have have been reduced to a great extent. There is improved page caching and also allows in streamlining guest checkout process for existing users, enterprise-grade scalability, improved performance and better code base are some of the striking features of the new Magento version.
Magento officially started development in 2007. Seven months later, on August 31, 2007, the first public beta version was released. Varien, the owner of Magento, formerly worked with osCommerce. It had planned to fork oscommerce but then decided to rewrite it as Magento.
In Feb 2011, eBay proclaimed it had made an investment in Magento in 2010 worth a 49% ownership share of the company. Then on June 6th 2011, eBay announced that it would acquire the remaining share of Magento. Magento’s CEO and co-founder Roy Rubin wrote that “Magento will continue to operate out of Los Angeles, with Yoav Kutner and me as its leaders”.
Yoav Kutner left Magento in 2012, citing the vision for Magento having changed since the time of acquisition due to high level of staff changes. Then as the aftermath of the breakup of eBay following Carl Icahn’s raid, Magento was spun out as an independent company with its new owner Permira private equity fund on November 3rd, 2015.
Magento supports a web template system which generates multiple similar-looking pages and customizes the theme. To setup an e-commerce website Magento provides a basic theme. This theme is designed for customizing all pages by editing the PHP, HTML and CSS. Themes are installed by Magento users, that change the look and feel of the website. These themes are installed by uploading theme folders through FTP or SSH.
The Magento developers have developed Plugins that extend its basic functionality. Magento users can install modules by downloading them and uploading them to their server. Magento permits users to integrate different domains into one control panel, and manage more than one storefront at a time from the single admin panel.