LOS ANGELES and SAN JOSE, Calif., March 8, 2010 - Magento, the global open source e-commerce platform, and PayPal today announced they are expanding their relationship to offer PayPal to online retailers through Magento`s open source shopping solutions. PayPal will be deeply integrated and promoted to merchants and developers using Magento`s service, making it even easier for businesses to get up and running with e-commerce and online payments.
Magento is one of the fastest-growing global e-commerce solutions. Its open source product gives merchants complete flexibility and control over the user experience, content and functionality of their online channels. In the coming months, merchants and developers who integrate Magento will have automatic access to PayPal`s global payment engine, which has more than 81 million active accounts around the world.
"PayPal is committed to offering our global payment service through open platforms, so working with Magento is a natural fit," said Osama Bedier, PayPal`s vice president of platform and emerging technology. "We believe that Magento`s and PayPal`s services are ideal for merchants looking for a faster, more cost-effective way to do business online."
"We are thrilled to be working more closely with PayPal to introduce Magento to a new class of merchants, as well as offer PayPal to Magento`s existing customers. PayPal`s commitment to open source supports the community`s efforts and helps to establish Magento as a leader in the e-commerce ecosystem," said Roy Rubin, CEO of Magento.
PayPal and Magento have agreed to co-market their services and will collaborate on product development. The companies expect to complete the next stage of their product integration later this year.
Magento (http://www.magentocommerce.com/) is a feature-rich, professional Open Source e-commerce platform solution that offers merchants complete flexibility and control over the presentation, content, and functionality of their online channel. Magento`s intuitive administration interface features powerful marketing tools, a catalog-management engine and is SEO optimized to give merchants the power to create sites that provide an unrivaled and rich online shopping experience for their customers, tailored to their unique business needs. Magento is the ultimate e-commerce solution.
PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 81 million active registered accounts in 190 markets and 24 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay company and is made up of three leading online payment services: the PayPal global payments platform, the Payflow Gateway, and Bill Me Later. More information can be found at https://www.paypal.com.
Varien, the Magento Company