eBay has confirmed that it is selling its enterprise services business – eBay Enterprise – for $925 million. The company specialises in developing and managing e-commerce websites for retailers.
eBay Enterprise will be sold to a consortium consisting of US-based private equity firm Sterling Partners, Europe-based asset management company Longview Asset Management, US-based e-commerce fulfillment company Innotrac, and undisclosed companies owned by global investment fund Permira.
The online retail giant acquired GSI Commerce in 2011 for $2.4 billion and rebranded it to eBay Enterprise two years later. With the price agreed upon today, eBay is selling the business for $1.5bn less than what it paid for.
A lot is changing at eBay. The company is all set to spin PayPal, it’s payments arm, as a separate company. PayPal’s growth has been hindered by eBay, and being a separate entity, it should be able to partner with a lot more companies out there.