Art Technology Group, Inc. (ARTG) and CleverSet announced that the two companies signed a definitive agreement for ATG to acquire CleverSet for approximately $10M in cash, less closing adjustments of approximately $1M. The transaction is subject to customary closing conditions including the approval of CleverSets’s stockholders and is expected to occur in the current quarter. The transaction is expected to be accretive on a non-GAAP diluted per share basis in 2009.
CleverSet, located in Seattle, Washington, and Corvallis, Oregon, helps eCommerce companies and content providers significantly increase their revenues by enabling a truly personalized experience for each and every online visitor. CleverSet’s recommendations service helps companies entice people with relevant and personally appealing items they might not have otherwise seen, improving each visitor’s experience and ultimately lifting conversion rates and revenue-per-visitor. CleverSet’s easy-to-deploy personalization service can be operational within hours and begins improving business results immediately. In 2007, CleverSet was awarded “Best in Show” at the Web 2.0 Summit and named “American’s Most Innovative Company” by the American Business Association.
By complementing ATG’s merchant-driven, scenario-based personalization already employed by the company’s commerce platform customers, CleverSet will advance ATG’s mission of enabling online sellers to find customers, convert them into buyers and ensure their satisfaction with the goal of developing a loyal and profitable customer base. CleverSet’s automated personalization and recommendations engine is applicable across a wide range of industries like retail, manufacturing, telecommunications, financial services, travel and hospitality. Delivered via a SaaS model, CleverSet can be easily added to any Web site and, once installed, “learns” how to deliver more relevant, personalized offers and drive cross-sell and up-sell recommendations, and does not require day-to-day involvement of the merchant’s business or IT staff.
Art Technology Group makes the software and delivers the on demand solutions that the world’s most customer-conscious companies use to power their e-commerce web sites, attract prospects, convert them to buyers and ensure their satisfaction so they become loyal, repeat, profitable customers.
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