|Oracle to Buy Art Technology Group for $1 Billion|
November 2, 2010, 8:48 am
Oracle agreed on Tuesday to buy the Art Technology Group, an e-commerce software provider, for about $1 billion.
Under the terms of the deal, Oracle will pay $6 a share in cash, 46 percent above Art Technology’s closing stock price on Monday. It is the first deal that Oracle has announced since it hired Mark V. Hurd, the deal-making former chief executive of Hewlett-Packard.
Also on Tuesday, Art Technology posted $4.2 million in net income on $50.3 million in revenue for the third quarter, up markedly from the same period a year earlier.
Art Technology, based in Cambridge, Mass., makes a range of e-commerce products like customer analysis software and Internet-based calling solutions. The two companies said that Art Technology’s platform will complement Oracle’s existing customer relationship management and retail products.
The deal is expected to close early next year, pending approval of Art Technology shareholders.