In 2015, eBay sold Magento as a part of eBay Enterprise to a consortium of private equity funds for $925 million, of which the valuation of Magento was approximately $200 million. In 2011, they began working on Magento 2, and it was during this time that eBay decided to integrate its payment processor PayPal into Magento 2 as a core module. Rubin and Kutner continued to work for the business with eBay until 2015 and made significant contributions to the platform. In 2010, eBay purchased a 49% stake in the company and less than a year later fully acquired the company from Varien Inc. Soon after its launch, the popularity of Magento in the open-source community began to grow, and it surpassed its main competitor osCommerce, within its first year on the market. Magento was conceptualized and created by Roy Rubin and Yoav Kutner through their company Varien Inc.
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