Oracle (NASDAQ:ORCL) announced on Tuesday that it will purchase software company Art Technology Group (NASDAQ:ARTG) in a deal worth $1 billion. Oracle is purchasing the company in an effort to boost its software applications in the e-commerce sphere.
Oracle's bid for ATG of $6 a share comes in as a 46% premium to the company’s $4.10 Monday closing price. The deal is expected to close in the first quarter of 2011.
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ATG software is currently used by more than 1,000 companies to assist with transactions online, in stores, and via mobile devices. Customers include Vodafone Group (NYSE:VOD), AT&T (NYSE:T) and Best Buy (NYSE:BBY). During the third quarter of 2010, the company reported sales of $50.3 million, up 16% from the year prior.