Oracle to Acquire Art Technology for $1 Billion
Under the deal, Oracle will pay $6 per share in cash, a 46.3% premium over Art Technology's closing price on Monday. The transaction is expected to close by the early part of next year.
Thomas Kurian, Oracle executive vice president of development, said in a statement:
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.
Oracle's Art Technology deal is its latest billion-dollar splurge, following on the heels of its $7.4 billion acquisition of Sun Microsystems last year.