Magento is an open-source e-commerce platform written in PHP. The software was originally developed by Varien, Inc, a US private company headquartered in Culver City, California, with assistance from volunteers.
Varien published the first general-availability release of the software on March 31, 2008. Roy Rubin, former CEO of Varien, later sold a substantial share of the company to eBay, which eventually completely acquired and then spun off the company.
On November 17, 2015, Magento 2.0 was released, with an aim to provide new ways to heighten user engagement, smooth navigation, improve conversion rates and overall revenue generation for store owners. It has well-organized business user tools that enhance the user experience of the software. Among the improved features of V2 over V1 are; Table locking issues have been considerably reduced, improved page caching, enterprise-grade scalability, inbuilt rich snippets for structured data, new file structure with easy customization, CSS Preprocessing using LESS & CSS URL resolver, improved performance and better code base are some of the touted benefits of the newer Magento version.
Magento officially started development in early 2007.Seven months later, on August 31, 2007, the first public beta version was released.
Varien, the company owning Magento, formerly worked with osCommerce. It had originally planned to fork osCommerce but later decided to rewrite it as Magento.
In February 2011, eBay announced it had made an investment in Magento in 2010, worth a 49% ownership share of the company.
On June 6, 2011, eBay announced that it would be acquiring the rest of Magento, which would join its new X.Commerce initiative. Magento’s CEO and co-founder Roy Rubin wrote on the Magento blog that “Magento will continue to operate out of Los Angeles, with Yoav Kutner and me as its leaders.”.
Yoav Kutner left Magento in April 2012 citing the vision for Magento having changed since the time of acquisition due to high level staff changes.