Chinese investment firm Hillhouse
Hillhouse is a well known and popular Chinese investment firm that is headed by the chairman Zhang Lei that was also the backbone of the internet sensation Tencent. The Chinese investment firm HillHouse was started 11 years ago with only a small funding of twenty million dollars which was funded by the Yale University Endowment.
According to recent reports, Magento Commerce has now funded an incredible amount of two hundred and fifty million dollars in the Chinese investment firm Hillhouse. This new investment of money will be used by Hillhouse and targeted towards global expansions of sales and marketing operations. It will help boost up not only the customer support but the money will also be used to support product development and possible opportunities.
On the other hand, Magento was founded around eight years ago and has been known to be the foundation and the laying stone for so many online shopping sites. Magento is also a huge company that is now one of the contenders in the market with other big names such as Shopify, WooCommerce, and BigCommerce.
Magento is not the sole funder of HillHouse.
After the investment of Magento in HillHouse, both Permira and Magento will now share the stakes of HillHouse. Although Magento has also gotten hold of significant shares of Hillhouse yet the major shares are still under the investment of Permira.
According to the statement issued by the chief executive of Magento, the company has a global network of partners from all across the world to be able to serve somewhere around 25000 customers worldwide. The revenue that is being generated by these customers is more than fifty billion dollars in the annual sales. This clearly reflects upon the significance and contribution of Magento in the world market.