ATG to be Acquired by Oracle for $1 BillionBy Jayita, Gaea News Network
Tuesday, November 2, 2010
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.