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Art Technology Group Inc., a Cambridge-based developer of e-commerce technology, has raised $87.5 million in a stock sale of 25 million shares. The company says the funds could be used for potential acquisitions.
Deutsche Bank Securities Inc. and Morgan Stanley & Co. Inc. are the underwriters for the offering and have been a 30-day option to purchase up to an additional 3.75 million shares of common stock to cover over-allotments. The sale is part of a shelf registration statement that ATG (Nasdaq: ARTG) filed with the U.S. Securities and Exchange Commission in November 2009.
ATG already started off the year with an acquisition. In January, the company spent $17 million in cash to acquire InstantService, a Seattle provider of live chat services used predominantly in live tech help situations.
In addition to potential acquisitions, ATG also said it plans to use the $87.5 million for general corporate purposes and working capital. According to the November shelf registration document, ATG could go back to the markets for much more money to finance further company purchases, as it said it planned to raise up to $250 million from stock sales.
Founded in 1991, ATG reported a 2008 net profit of $3.8 million, on revenue of $164.6 million.
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