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Get a look to Magento History:

Varien, the company that owns Magento, formerly worked with osCommerce. They originally planned to fork osCommerce but later decided to rewrite it as Magento.

Magento officially started development in early 2007[5] Seven months later on August 31, 2007, the first public beta version was released.

The German magazine t3n featured Magento in the December 2007 edition.[6]

In March 2008, Magento was selected to present at the Under the Radar: The Business of Web Apps conference[7], where it won the audience favorite.[8]

Magento 1.0 was released on March 31, 2008.

Magento 1.1 was released on July 25, 2008. This version provided fixes for many bugs and also makes Magento faster, with more responsive UI.

Magento 1.2 was released on December 29, 2008. This version provided release highlights of downloadable products, many bug fixes, fulltext search and upgraded Zend Framework libraries.

Magento 1.3 was released on March 30, 2009. This version provided fixes for many bugs, speed optimisations to make Magento faster.

Magento 1.3 Enterprise was released on April 15, 2009.

Magento 1.6 Enterprise was released on October 20, 2009. Magento Enterprise Edition Version 1.6 now includes the BridgeConnect module [9]

Magento 1.7 Enterprise was released on January 19, 2010. Magento Enterprise Edition version 1.7 features the all new reward points system. This version provides a service agreement with Varien and starts at $11,125 USD per year.[10]