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Cambridge-based Art Technology Group Inc. (Nasdaq: ARTG) announced this morning it has agreed to be acquired by Oracle Corp. (Nasdaq: ORCL) for about $1 billion. The pending deal amounts to $6 a share - a 46 percent premium over yesterday’s close. The two companies expect to finalize the merger in early 2011.
The deal adds another layer to the web offering Oracle established with its acquisition last year of Sun Microsystems Inc. for $7.4 billion. ATG has a leading e-commerce software offering that Oracle could position atop Sun’s popular web server, with Oracle database at the bottom of the stack.
In a press release today, the companies said ATG’s offering complements Oracle’s suite of enterprise software applications, and its middleware and business intelligence technology.
In the most recent quarter, ATG earned $4.2 million in net income on total sales of $50.3 million - a 16 percent increase over the top-line figure in the year-ago period. $14.2 million in revenue came from product license bookings. ATG will hold a conference call with investors at 10 a.m. today.
Founded in 1991, ATG itself was acquisitive this year. In January it bought InstantService, a Seattle provider of live chat services used predominantly in live tech help situations, for $17 million in cash.
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