The money will fund Magento’s global expansion, product development and future acquisitions.

E-commerce platform provider Magento Inc. has received a $250 million investment from Chinese investment management firm Hillhouse Capital. Magento says it will use the money to fund a worldwide expansion of its sales, marketing and client support capabilities, along with new product development and future acquisitions.

In making the investment, Hillhouse is partnering with the Magento management team and existing investor Permira Funds, which will continue to own a majority stake in the company. The Financial Times quotes an unnamed source familiar with the deal as saying the transaction values Magento at more than $700 million.

Magento says more than 250,000 businesses worldwide use its source e-commerce platform.  Of those, according to the company, 246,000 merchants use the Magento 1.0 free Community edition and 6,600 merchants pay for the Magento 1.0 Enterprise edition. Additionally, 7,000 merchants use both the Community and Enterprise editions of Magento 2.0 combined.

Magento spun off from eBay Inc. in November 2015 with the financial backing of a consortium led by Permira. Magento provides a range of services to more than 200 merchants ranked in the Internet Retailer 2016 Top 1000.

In the Internet Retailer 2017 Leading Vendors to the Top 1000, which ranks the top players in each of 30 technology categories by the number of e-retailers in the Top 500 and Second 500 that they serve, Magento takes home top marks in several categories. It ranks No. 1 in terms of the number of Top 1000 retail clients for the following categories: e-commerce platform (202 Top 1000: 54 Top 500 retailers and 148 Second 500), content management (189 Top 1000: 50 Top 500, 139 Second 500), mobile commerce (189 Top 1000: 52 Top 500 and 137 Second 500) and order management (192 Top 1000: 54 Top 500 and 138 Second 500).

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Clients using Magento’s open-source e-commerce platform include bigger players such as Best Buy Co. Inc. (No. 12) and smaller merchants including NorthShore Care Supply (No. 514) and Vertana Group (No. 522). Magento says its clients worldwide process more than $50 billion in online sales annually.

In August, Magento acquired the e-commerce analytics platform RJMetrics and rebranded it as Magento Analytics. In April it launched Magento Marketplace, a forum where Magento merchants can access e-retail services from vendors vetted by Magento. In November, Magento opened Marketplace to merchants using the older Magento 1.0 platform.