Art Technology Group buys CleverSet
Art Technology Group Inc. announced today that it has agreed to buy CleverSet for about $10 million in cash, less closing adjustments of approximately $1 million.
Cambridge-based Art Technology Group, or ATG, provides software and on-demand solutions that companies use to power their e-commerce websites, attract prospects, and convert them to buyers and loyal, repeat customers.
CleverSet of Seattle is focused on the rapidly growing field of automated personalization engines that are used to optimize e-commerce experiences by presenting visitors with relevant recommendations and information.
The transaction is subject to customary closing conditions, including the approval of CleverSet's stockholders, and is expected to occur in the current quarter, said ATG, which added that the transaction is expected to be accretive on a non-GAAP diluted per share basis in 2009.
(By Chris Reidy, Globe staff)
