The deal that brought the world the Magento eCommerce platform has closed, and the web developer and entrepreneur behind it, Brian McNamara, has been forced to leave the company to pursue a new venture.
McNamara, the former CEO of the software company Shopify, was part of the team that created the Magpul eCommerce solution.
But he quit the company last year after a year of running it and has been unemployed for the past year, according to a post on the company’s blog.
Magpuls chief financial officer told Ars that the company has hired a “highly experienced team of attorneys, accounting and compliance specialists,” and is continuing to look for another CEO.
Magpul, which makes a wide range of hardware and software products, has raised $5 billion from investors including Alibaba, the Chinese online marketplace.
It also has been acquired by eBay for a whopping $1 billion.
The acquisition of Magpoul was a major blow to Magento, which is still profitable and is now the largest online marketplace in the world.
The company’s current valuation is $1 trillion, according a Forbes estimate, and is forecast to be worth $5 trillion by the end of 2019.
McNsays eCommerce software, called Magento Web Developer, had raised $1 million in a Series A round in 2012.
In December of that year, he had announced that Magpools project was moving forward, saying that it would be in beta testing by next year.
It had been a long road for the company, with McNamara initially blaming it for the launch of Shopify.
In 2014, he announced that he was leaving the company.
The deal for Magpixels software, which had raised money in early 2015, was supposed to close on Monday, but the deal was cancelled due to the recent collapse of Magento.
It was supposed a $5 million investment, but in December of this year, it was revealed that the round had fallen apart and the funds were no longer available.
In addition, a number of MagPuls employees had left the company and others had taken on roles with companies outside of Mag pul.
The Magpules announcement came after Magpuns founder and CEO David Rabe announced in January that he would be leaving the group.
The announcement came two months after a separate report surfaced claiming that McNamara had quit Magppuls to pursue an alternative career.
Mcnamara is now expected to announce his exit from Magpula in the coming weeks.
Ars contacted Magpulas headquarters in Mountain View, California, for comment.
Ars reached out to Rabe for comment but he declined to comment.