Oracle Corp. has announced that it will pay roughly $1 billion to acquire Art Technology Group Inc., a maker of e-commerce software. The purchase will add significantly to Oracle's business-software offerings.
ATG currently has approximately 1200 enterprise and mid-sized clients around the world to whom they provide cross-channel commerce platforms and software applications. ATG offers software licensing, managed services, Software-as-a-Service (SaaS), and a partner-hosted on demand solution.
Oracle has committed to pay $6 a share, which is a 46% premium to Monday's closing price- a level not seen seen since 2001 when the Internet bubble was still winding down.
The deal will enhance Oracle's long term plan to provide industry-specific products and applications. Art Technology (ATG), focuses on retailers, not end users.
"Bringing together the complementary technologies and products from Oracle and ATG will enable the delivery of next-generation, unified cross-channel commerce and CRM," said Thomas Kurian, executive vice president, Oracle Development.