Oracle Corporation agrees to buy eCommerce software provider ATG for $1 billion

By on Nov 2, 2010 in Business, Software, Technology Comments

Oracle Corporation was said to have agreed to buy eCommerce software provider ATG for $1 billion in cash, as announced by ATG on Tuesday.

On its press release dated November 2, 2010, Art Technology Group Inc. (ATG) said that their company was acquired by Oracle Corporation for $6.00 per share in cash, or about $1.0 billion.

The said transaction is being expected to close by early next year, after it will be approved by the stockholder and regulatory approval and other customary closing conditions.

ATG, being known as the leading eCommerce software provider, also announced a third-quarter profit of $4.2 million, or 3 cents a share, as compared with $4 million, or 3 cents a share, on 2009.

The company also said that their ck compensation and acquisition impacts, profit rose to 5 cents from 4 cents a share as revenue climbed 16% to $50.3 million, with stock compensation and acquisition impacts not included.

“Bringing together the complementary technologies and products from Oracle and ATG will enable the delivery of next-generation, unified cross-channel commerce and CRM.” Oracle Development Executive Vice President Thomas Kurian said on the press release.

On the other hand, ATG President and CEO Bob Burke said that ‘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.” He added.

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