Magento Commerce, a Campbell, Calif. — based cloud digital commerce platform provider, received a $250m investment from Hillhouse Capital.
The company will use the proceeds from the investment to accelerate growth strategy, worldwide expansion of sales, marketing & client support, new product innovation and future acquisitions.
Led by Mark Lavelle, CEO, Magento Commerce provides a cloud-based open platform and operates a large ecosystem of solution integrators and technology partners to serve over 250,000 clients who collectively generate more than $50 billion in annual merchandise volume.
Following its separation from eBay in November 2015 with the backing of the Permira funds, the company shifted its business strategy with the release of the Magento Commerce Cloud, a public-cloud platform that optimizes performance, security and extendibility of the Magento Enterprise Edition for digital commerce.
The platform offers integration with the company’s SaaS-based product portfolio, Magento Commerce Order Management, which enables advanced omni-channel catalog, payment and fulfilment capabilities and the newly acquired Magento Analytics.
Hillhouse, which makes long-term investments in companies across all equities stages in China and around the world, is partnering with the Magento management team and the Permira funds who will continue to own a majority stake in the company.