E-commerce software company, Magento received a whopping
$22.5 million capital investment in an equity funding round, according
to a recent regulatory filing. To date, the LA-based company boasts
over 60,000 online merchants and transactions totaling over $15
billion. Magento was originally developed and marketed by an e-commerce
business consulting company called, Varien. The 9-year old firm was
recently incorporated as an independent organization which may have
aided in Magento's recent cash flow.
Industry experts speculate that PayPal also played a major role,
since Magento and PayPal have had a strong relationship that includes
both product development and marketing relationships. Magento plans to
position themselves as the largest e-commerce platform in the world.
The software company is slated to release additional products including
Saas and Mobile Commerce services later this year.
Magento's ability to anticipate and develop state of the art
e-commerce solutions was essential when choosing a technological
partner," says SBC Fulfillment President, Brian Schoenbaechler. Last
year, the magento
fulfillment company built a connector that would allow Magento
customers to directly plug into SBC's order fulfillment services. This
Connector provides a simpler solution for Magento merchants to warehouse
and distribute their inventory. SBC's Magento
Connector features include: shipping methods, migration tools, and
design & themes.
"We are thrilled about Magento's success and look forward to the
added benefit that our Connector can bring their merchants."
To learn more about the benefits of SBC Fulfillment Magento Connector