Hillhouse to help SaaS player Magento with Asia expansion

Permira remains the majority shareholder, having supported Magento's spin-out from eBay in 2015.

The US-based company was founded in 2008 as an open source e-commerce platform intended to help companies engage with customers and boost revenue. EBay took a 49% stake in 2011 and assumed full ownership later the same year. It now works with more than 250,000 customers, including the likes of Burger King and Coca-Cola, processing over $50 billion in gross merchandise volume each year.

Its flagship digital commerce product - a one-stop-shop for companies looking to launch, promote, manage and scale online stores - is supported by various other cloud-based software-as-a-service (SaaS) solutions that facilitate the integration of digital and physical shopping experiences. These cover areas such as omni-channel management and analytics.

"We see tremendous growth opportunities for Magento globally and specifically in Asia. We are excited to be partnering with such an exceptional management team to continue to build and grow the business over the long-term," said Lei Zhang, chairman and CEO of Hillhouse, in a statement.

Hillhouse manages more than $20 billion on behalf of endowments, foundations, sovereign wealth funds and family offices. It was founded by Lei in 2005 and received seed funding from the Yale University endowment. The firm describes itself as a long-term, stage-agnostic fundamental equities investor that will back companies ranging from start-ups to established listed players.

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• Topics
• Greater China
• North America
• Technology
• Consumer
• China
• Hillhouse Capital Management
• Permira Advisers
• TMT