Market Updates
Oracle Offers $1 Billion for Art Technology
Devan Biswas
02 Nov, 2010
New York City
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Oracle Corp agreed to acquire e-commerce software Art Technology for $1 billion. The acquisitive database software added its ninth target for the year as it expands into Internet and telecom application software.
[R]3:15 PM New York – Oracle Corp agreed to acquire e-commerce software Art Technology for $1 billion. The acquisitive database software added its ninth target for the year as it expands into Internet and telecom application software.[/R]
Art Technology Group agreed to be acquired by Oracle Corp for as much as $1 billion.
Oracle Corp has revved up its acquisition pace after it recently completed the acquisition of Sun Microsystems for $7.4 billion and hunts for more niche software companies in e-commerce and Internet based application providers.
The deal for Art Technology is also the first for the pricey and popular database maker after it recently appointed Mark Hurd, former chief executive of Hewlett Packard.
The e-commerce developer does not come cheap. Art Technology, the survivor of the dotcom bust agreed to be acquired for $6 a share, 46% premium its closing price on Monday. The deal values the company at more than 33 times adjusted earnings.
Art Technology ((ARTG)) surged 46% to $5.96 in New York trading.
Revenues at the ecommerce application developer surged to $179 million in 2009 from $103 million in 2006 and earnings soared to $16.8 million from $9.7 million. The company in its latest quarter reported revenues of $49.6 and earnings of $4.17.
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