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Press release from Business Wire

Magento Names 500friends as Platinum Partner, Building Brand Loyalty and Boosting Revenue for E-Commerce Retailers

<p class='bwalignc'> <i>Partnership Enables Rapid, Low-Cost Implementations of the Social Loyalty Marketing Solution Across the Magento Platform</i> </p>

Monday, April 23, 2012

Magento Names 500friends as Platinum Partner, Building Brand Loyalty and Boosting Revenue for E-Commerce Retailers10:31 EDT Monday, April 23, 2012 CULVER CITY, Calif. (Business Wire) -- Magento, a leading eCommerce platform provider with over 110,000 merchants worldwide and a part of X.commerce, an eBay Inc. company, today announced a strategic partnership with 500friends, Inc., the premier social loyalty solution for e-commerce retailers. The joint venture gives Magento merchants access to 500friends' market leading white-label social loyalty platform LoyaltyPlus™. The award winning LoyaltyPlus™ platform provides retailers with a comprehensive white label social loyalty solution including comprehensive gamification capabilities and the sophisticated dashboard and analytics needed to accurately measure the impact of the loyalty program against key business metrics. The Magento platform, an open-source platform that offers merchants complete flexibility and control over the presentation, content and functionality of their online store, is built to allow for easy integration of desired solutions like LoyaltyPlus™. Implementing LoyaltyPlus™ will allow Magento merchants to incent, measure and reward the customer behaviors that matter most to their brand, such as writing reviews, referring friends, sharing products on Facebook or Twitter and frequent purchasing. The insight gained on such influential behaviors across the brand's social graph is critical in turning shoppers into loyal customers and loyal customers into brand advocates. Designed and built by a team of e-commerce experts, LoyaltyPlus™ is proven to significantly increase key business metrics including average order value, purchase frequency, cost of acquisition and lifetime value. "Through the Industry Partner program Magento provides valuable technology solutions that extend the functionality of a merchant's store. The LoyaltyPlus™ solution is seeing rapid adoption across the retail segment and welcoming 500friends as a Magento Platinum Partner reaffirms our commitment to giving our merchants access to the best solutions available in the marketplace," said Jeff King, Sr. Director, Strategy and Partner Development, X.commerce. “Magento and 500friends share a fundamental commitment to providing all retailers, regardless of size, with the tools they need to create and manage world-class e-commerce sites. Becoming a Magento Platinum Partner was an obvious continuation of our effort to deliver on that promise,” said Justin Yoshimura, CEO of 500friends. About Magento The Magento e-commerce platform serves more than 110,000 merchants worldwide and is supported by a global ecosystem of solution partners and third-party developers. Magento is a feature-rich, open-source, enterprise-class platform that offers merchants a high degree of flexibility and control over the user experience, catalog, content and functionality of their online store. In August 2011, Magento was acquired by eBay Inc., and is now part of the X.commerce, Inc. (www.x.com). For more information, please visit www.magentocommerce.com. About X.commerce X.commerce brings together the technology assets and developer communities of eBay (Nasdaq:EBAY), PayPal and Magento to support eBay Inc.'s mission of enabling commerce. Through our ecosystem of developers, partners and tools, merchants now have access to open commerce technology to scale and grow their businesses. About 500friends 500friends is pioneering the next generation of loyalty marketing with its award-winning white-label social loyalty software-as-a-service platform, LoyaltyPlus™. Flexible, scalable, and lightweight, LoyaltyPlus helps retailers large and small to kickstart either new loyalty programs or provide social wraps around existing programs and help retailers and brands move customers up the loyalty curve to advocates. A 2010 Y-Combinator graduate, the company brings together more than 60 years of e-commerce expertise and the team has supported such brands such as Nike, American Express, Sears, Shutterfly, TicketMaster, Orbitz, Williams-Sonoma and Continental Airlines. Based in San Francisco, the company is funded by Crosslink Capital, Intel Capital, Y-Combinator, and well-known individual investors such as Jeff Fluhr, Steve Newcomb, Naval Ravikant, and Chris Yeh. For more information, please visit www.500friends.com, or follow us on Twitter @500friends. EdelmanVeselina Buie, 941-481-2774Veselina.Buie@edelman.com