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Oracle to acquire Art Technology in $1 Billion deal
Wednesday, 03 November 2010, 05:59 IST
New York: Oracle will snap up e-commerce software solutions provider Art Technology Group in an all cash deal worth $1 billion.
The latest acquisition, expected to be completed by early next year, would bolster Oracle's capability to offer industry-specific enterprise solutions.
Oracle today said it has agreed to buyout Art Technology Group (ATG) for $6 per share in a deal valued at nearly $1 billion.
ATG's solutions enable enterprises to offer sophisticated merchandising, marketing, content personalization, automated recommendations, and live-help services.
"The addition of ATG... furthers Oracle's strategy of delivering industry-specific enterprise applications," Oracle's Executive Vice President (Oracle Global Business Units) Bob Weiler said.
Subject to shareholders' and regulatory approvals, the transaction is expected to close by early 2011.
ATG's President and CEO Bob Burke said that over 1,000 global enterprises rely on the company's solutions.
Source: PTI
Source: PTI