Magento is an open-source e-commerce platform written in PHP. The software was originally developed by Varien, Inc, a US private company headquartered in Culver City, California, with assistance from volunteers.
Varien published the first general-availability release of the software on March 31, 2008. Roy Rubin, former CEO of Varien, later sold a substantial share of the company to eBay, which eventually completely acquired and then spun off the company.
On November 17, 2015, Magento 2.0 was released, with an aim to provide new ways to heighten user engagement, smooth navigation, improve conversion rates and overall revenue generation for store owners. It has well-organized business user tools that enhance the user experience of the software. Among the improved features of V2 over V1 are; Table locking issues have been considerably reduced, improved page caching, enterprise-grade scalability, inbuilt rich snippets for structured data, new file structure with easy customization, CSS Preprocessing using LESS & CSS URL resolver, improved performance and better code base are some of the touted benefits of the newer Magento version.