Magento is an open source e-commerce web application that was launched on March 31, 2008. It was developed by Varien (now Magento Inc) with help from the programmers within the open source community but is owned solely by Magento Inc. Magento was built using the Zend Framework. It uses the entity-attribute-value (EAV) database model to store data.
Varien, the company owning Magento, formerly worked with osCommerce. They originally planned to fork osCommerce but later decided to rewrite it as Magento. Magento officially started development in early 2007.Seven months later, on August 31, 2007, the first public beta version was released. On May 30, 2010, Magento mobile was released; it allows store owners to create native mobile storefront apps.
In February 2011, eBay announced it had made an investment in Magento in 2010, worth a 49% ownership share of the company.
As of June 6, 2011 eBay owns 100% of Magento. eBay announced that Magento would join eBay’s new X.Commerce initiative.
Magento’s CEO and co-founder Roy Rubin wrote on the Magento blog stating 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.
As of April 8, 2013 Magento selected Rackspace as its platinum level hosting partner.