Art Technology Group, Inc., major provider of top-ranked ecommerce software and associated applications, announced yesterday that it has agreed to be acquired by Oracle Corporation (NASDAQ: ORCL). The transaction calls for $6 per share in cash, totaling approximately $1 billion, and is subject to stockholder and regulatory approval. Closing is expected by early 2011.
Art Technology President and CEO, Bob Burke, said of the agreement, “More than 1,000 global enterprises rely on ATG’s solutions to help increase the value of their online customer interactions. This combination will enhance the ability to bring all their commerce activities together – creating a more consistent and relevant experience for their customers across all interaction channels, including online, in stores, via mobile devices and with call centers.”
Oracle Development Executive VP, Thomas Kurian, added, “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. Bringing together the complementary technologies and products from Oracle and ATG will enable the delivery of next-generation, unified cross-channel commerce and CRM.”
Art Technology Group also announced financial results for the third quarter of 2010. Revenue for the quarter grew to $50.3 million, a 16% increase over the same quarter last year, driven largely by a 37% increase in product license bookings. Net income for the quarter was $4.2 million, or $.0.03 per diluted share, a 5% increase over the same quarter last year. Cash flow from operations for the quarter was $14.9 million, a 51% increase over the same quarter last year.
ATG provides advanced cross-channel commerce software and services, offering the industry’s leading commerce solution.
For more information, visit ATG’s website at www.ATG.com.
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