In a press release to user, Magento announced that it has reached an agreement to be acquired by eBay Inc.

Stating that “The past several years have been an amazing journey for Magento, as we've grown from a new open source platform into an eCommerce leader. Along the way, we've built not only a platform, but a company and a worldwide community. Together, we've identified opportunities, taken risks, innovated, struggled, succeeded, and changed the face of eCommerce. Today marks a milestone on this journey as we announce the most exciting news in our company's history.

Magento has reached an agreement to be acquired by eBay Inc. We believe this move will open incredible opportunities for the entire Magento ecosystem. eBay is evolving to become a strategic commerce partner focused on delivering new ways for merchants of all sizes to drive innovation. As a centerpiece of this strategy, they are building a global, open commerce platform that leverages the worldwide developer community. And Magento will be at the core of this new, open commerce platform, called "X.Commerce."

Magento has had a relationship with eBay for some time and in March 2010 became the first outside investor of Magento. As the press release states “they (eBay) are eager to harness the power of this ecosystem to create the next generation of eCommerce innovation”.

The press release also states ”How will this acquisition impact our organization, customers and partners? It's too soon to know all the details”

Time usually tells the tale!