Larry Ellison has pulled out his wallet again. eCommerce software provider Art Technology Group, Inc. (ATG) today announced that it has agreed to be acquired by Oracle for $1.0 billion in cash.
Cambridge, MA based ATG provides high end eCommerce software that is used by more than 1,000 customers globally. By combining forces, Oracle and ATG expect to help businesses grow revenue, strengthen customer loyalty, improve brand value, achieve better operating results, and increase business agility across online and traditional commerce environments.
“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.”
“The addition of ATG, which brings market-leading products used by some of the largest and most well-known retailers and brands, furthers Oracle’s strategy of delivering industry-specific enterprise applications,” said Bob Weiler, Executive Vice President, Oracle Global Business Units. “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.”
ATG’s revenue for the third quarter of 2010 grew to $50.3 million, a 16% increase over third quarter 2009 revenue of $43.4 million. Oracle will pay $6.00 per share in cash for the company. The transaction is subject to stockholder and regulatory approval and other customary closing conditions and is expected to close by early 2011.
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