Beijing-based investment firm Hillhouse Capital has invested $250 million in California-based Magento Commerce, an e-commerce business owned by London-headquartered Permira Advisers, according to a company statement.
The firm did not disclose its interest in the company and from which fund the investment came from, but did say that the capital will be used to expand Magento's offerings in the Asian region as well as for bolt-on acquisitions.
Magento provides cloud-based omni-channel solutions to companies such as Burger King, Mara Hoffman, and QuestMark, it said on its website.
In November 2015, Permira and other investors bought certain divisions of eBay Enterprise from eBay Inc. for $925 million; Magento Commerce was later carved out from the acquisition. Permira structured the deal through its fifth buyout fund Permira V, a 2014-vintage vehicle that raised €5.3 billion.
Permira will continue to own a majority stake in the company following Hillhouse's investment, according to a statement.
Under Permira's ownership, Magento in August 2016 acquired Philadelphia-based analytics provider RJMetrics for an undisclosed sum.
Hillhouse has over $20 billion under management and is backed by the Yale University Endowment.The firm runs investment funds that focus on consumer, business services, healthcare and technology companies, PEI data indicated. Among the firm's most notable investments are e-commerce giant JD.com, internet company Tencent Holdings, detergent maker Blue Moon, and South-East Asian taxi hailing company GrabTaxi.
Hillhouse could not be reached for comment by press time.
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