Oracle acquires Art Technology Group for $1 billion

November 2nd, 2010 - 10:35 pm ICT by BNO News  

LOS ANGELES (BNO NEWS) — Oracle Corporation on Tuesday announced that it has agreed to acquire Art Technology Group, Inc. (ATG) for $1 billion, a move that will surely expand the software giant’s eCommerce market.

The purchase will be carried out through a cash merger for $6.00 per share, which sums up to approximately $1 billion. ATG is a leading provider of eCommerce software and related on demand commerce optimization applications.

The transaction is subject to stockholder and regulatory approval and other customary closing conditions and is expected to close by early 2011.

Oracle is expecting ATG’s solutions to enable enterprises to provide a cohesive online customer experience with merchandising, marketing, content personalization, automated recommendations, and live-help services.

“Driven by the convergence of online and traditional commerce and the need to increase revenue and improve customer loyalty, organizations across many industries are looking for a unified commerce and CRM platform to provide a seamless experience across all commerce channels,” said Thomas Kurian, Executive Vice President Oracle Development.

“Bringing together the complementary technologies and products from Oracle and ATG will enable the delivery of next-generation, unified cross-channel commerce and CRM,” Kurian added.

Bob Burke, ATG’s President and CEO said the combination will enhance the ability to bring all their commerce activities together as over 1,000 global enterprises currently rely on ATG’s solutions.

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