ATG to be Acquired by Oracle for $1 Billion

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Oracle, on Tuesday announced that it is going to take over ATG (Art Technology Group). ATG is an e-commerce software provider that will be acquired by Oracle for about $1 billion.

According to report, as per of the deal, Oracle will pay $6 a share in cash, 46 percent above Art Technology’s closing stock price on Monday.

After recruiting Mark V. Hurd, the deal-making former chief executive of Hewlett-Packard, this the first deal Oracle is planning to give shape.

Art Technology based in Cambridge, Mass., do business with different e-commerce products like customer analysis software and Internet-based calling solutions.

ATG 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.