Oracle to acquire e-commerce software maker ATG

NEW YORK: Business software maker Oracle said Tuesday it has agreed to acquire e-commerce software maker Art Technology Group Inc for $1 billion in cash.

ATG, which is based in Cambridge, Massachusetts, works with customers like Best Buy and CVS to improve their websites and streamline online purchasing.

The purchase price of $6 per share is a 46 per cent premium over Art Technology's closing price on Monday. Art Technology shares rose $1.92 to $6.02 in pre-market trading.

The deal needs shareholder and regulatory approval. Oracle expects to complete the deal by early next year.

Oracle Corp is based in Redwood Shores, California. Its shares rose 7 cents to $29.20 in pre-market trading.