Mergers and Acquistions News
Categories: IT Services & Consulting
November 3rd 2010, 17:02PM
Oracle Corp, a business software and hardware systems firm, has agreed to acquire ecommerce software provider Art Technology Group (ATG), for $6 (£3.70) per share, or $1 billion (£619 million).
The firms said they planned to stimulate business revenue growth, enhance customer loyalty, and develop brand value across ecommerce sectors.
As a result of the transaction, Oracle will have access to the 1,000 global firms that already use ATG's ecommerce platform, which orchestrate consumer payments.
"Driven by the convergence of online and traditional commerce and the need to increase revenue and improve customer loyalty, organisations across many industries are looking for a unified commerce and CRM platform to provide a seamless experience across all commerce channels," said Thomas Kurian, executive vice president of Oracle Development.
The transaction is expected to close in early 2011.
Analysts told Reuters that the deal will help Oracle ignite its competition against firms like Salesforce.com and IBM.
"It's a nice, safe acquisition for Oracle," Avian Securities analyst Jeff Gaggin told the news provider.
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