Oracle Corp., a maker of database systems used widely in healthcare information technology applications, has agreed to purchase e-commerce firm Art Technology Group for $1 billion, according to a news release from the company.
Oracle, Redwood Shores, Calif., will pay $6 per share to acquire the Cambridge, Mass.-based firm in a move to add e-commerce and related on-demand commerce applications to Oracle's offerings, according to the release. The transaction is subject to regulatory and stockholder approval and is expected to close by early 2011.
The price of Art Technology Group stock jumped 46%, to $5.99 per share, at the opening of the market Tuesday. Shares of Oracle increased 1% in that time, opening Tuesday morning with a price of $29.45.