Attempting to stay on par with its competitors, Oracle said Tuesday that it had acquired retail software company Art Technology Group for $1 billion in cash. The acquisition is expected to put it on better footing against competitors Salesforce.com and IBM.
ATG produces software that helps companies maintain customer relationships and manage their e-commerce platform. The company's clients include Best Buy, AT&T, and Continental Airlines. The software allows for personalization, customer support, recommendations and other popular e-commerce features.
With ATG's technology under its belt, Oracle would now have a solid presence in the e-commerce space. It also follows a flurry of acquisitions by big name companies, all looking to expand their product reach by acquiring smaller ones.
"Organizations across many industries are looking for a unified commerce and [customer relationship management] platform to provide a seamless experience across all commerce channels," Oracle's development chief Thomas Kurian said in a statement explaining the company's reasoning for the merger.
Oracle expects the deal to close early next year, subject to regulatory approval.
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