It's about time, some might say. eBay announced today that after 17 years it has decided to update its logo.

Dropping the off-kilter lettering and 1990s font, the site's logo will now have a sleeker, slimmer look with its letters in a single-file row. The color scheme is staying the same, however.

"We retained core elements of our logo, including our iconic color palette," eBay President Devin Wenig said in a statement. "Our vibrant eBay colors and touching letters represent our connected and diverse eBay community - more than 100 million active users and 25 million sellers globally and growing."

Wenig said that the company decided to change its logo because the "time felt right" and that it's important to continue to evolve -- just like its site has done since its inception in 1995. Now, besides being an online auction site, eBay is also a home for small retailers and has continued new features, like a fixed "Buy It Now!" price and downloadable mobile apps.

eBay isn't the only tech company looking to get hip with the times. Microsoft also recently redesigned its logo to go along with its upcoming Windows 8 products. The software giant's new design uses the long-standing Windows logo as its starting point, but gone are the wavy edges of that older look. Instead, like eBay, its new logo is crisp and focuses on right angles but with the same color palette.