Oracle drops $1bn on Art Technology Group buyout
Hopes to set tills ringing online
Oracle has elbowed its way into the e-commerce software marketplace, having acquired Art Technology Group (ATG) Inc for around $1bn in cash this morning.
ATG investors will get $6 a share, said Oracle, and the buyout is subject to the usual regulatory and stockholder approvals.
“This acquisition builds upon our dedication to offer the most complete and integrated suite of best-of-breed software applications and technologies required to power the most demanding companies in the world in every industry,” said Oracle exec veep Bob Weiler.
The transaction between Larry Ellison's firm and Cambridge, Massachusetts-based ATG is expected to close in early 2011.
ATG has around 1,000 business customers on its books. It reported revenue of $50.3m in the third quarter of this year, up 16 per cent from $43.4m in the same period in 2009. ®