Tuesday, January 22, 2008

ATG to Acquire CleverSet for $9M in Cash

Art Technology Group Inc., a publisher of on-demand e-commerce software, announced today that it has agreed to acquire fellow e-commerce application developer CleverSet for some $10 million in cash, less closing adjustments of about $1 million. ATG said it expects the transaction to close later this quarter after it has met customary closing conditions, including the approval of CleverSet's stockholders. Based in Seattle and in Corvallis, Oregon, CleverSet produces automated personalization engines, which are used to optimize e-commerce portals by offering visitors relevant recommendations and information. According to CleverSet, its technology has demonstrated an ability to bolster e-commerce revenue by increasing conversion rates and order size. CleverSet has raised at least $3.0M in angel funding from the Alliance of Angels and the Keiretsu Forum. Art Technology Group is headquartered in Cambridge, Mass.