Varien, a company founded by Roy Rubin and Yoav Kutner, formerly worked with osCommerce, an e-commerce and online store-management software. Because they were unsatisfied and saw lack of stability and flexibility, they decided to create a new, unparalleled e-commerce project which will later be known as Magento, built by using the Zend Framework as its platform. They started this project in January of 2007 and released the first beta version on August 31, 2007. During the beta period of six months, over 225,000 users downloaded the software Magento.
The first public release of Magento 1.0 was on March 31, 2008. Magento 1.1 stable was then released March 31, 2008 under the Open Software License 3.0, free of bugs, operating faster and with a more informative user interface.
On December 29, 2008, Magento 1.2 was released with upgraded libraries and a new feature, downloadable products. Magento Enterprise Edition, which required a service agreement with costs and technical support, was released on April 15, 2009. This is the most comprehensive and most in-depth of all the versions so far.
Magento mobile was released on May 30, 2010, allowing store owners to create mobile storefront applications.
Varien officially changed its name to Magento, Inc. There are currently 3 versions of Magento. These are Magento Community (1.4) which is the free edition, Professional and Enterprise (1.9).
February of 2011 was an important date for Magento, Inc. as EBay announced of its 49% ownership share of the company. Officially announced on June 6, 2011, EBay owns 100% of the company and they plan on combining Magento with X.Commerce. This is an open platform that would use Magento as the core technology.
EBay now owns several eCommerce technological companies and platforms such as GSI Commerce, Intershop and now Magento.
The new X.Commerce initiative will be revealed by October and as of now, the CEO and Co-founder Roy Rubin stated that Magento will still continue to operate in Los Angeles with him and Yoav Kutner leading.DOWNLOAD SOLUTION HERE