NEW YORK (AP) -- Business software maker Oracle Corp. said Tuesday it has agreed to acquire Art Technology Group Inc., which helps businesses interact with online shoppers to boost sales, for $1 billion in cash.
ATG, which is based in Cambridge, Mass., works with customers like AT&T, Best Buy and CVS to improve their websites and streamline online purchasing.
The purchase price of $6 per share is a 46 percent premium over Art Technology's closing price on Monday.
In pre-market trading, ATG shares jumped 47 percent to $6.01, just above the offer price. That indicates that investors see a small chance that another bidder might emerge.
ATG's shares haven't traded above $5 since 2001, when they came down from Internet-bubble heights of $120. The company went public in 1999.
The deal needs shareholder and regulatory approval. Oracle expects to complete the deal by early next year.
Oracle, which is based in Redwood Shores, Calif., has spent more than $40 billion snapping up dozens of software makers during the past decade in an effort to create a one-stop technology shop for companies and government agencies.
Oracle shares rose 7 cents to $29.20 in pre-market trading.
Separately, ATG reported results for the third quarter. It said net income was $4.2 million, or 3 cents per share, up from $4 million, or 3 cents per share, a year ago.
Revenue rose 16 percent from a year ago to $50.3 million.
