ATG Prices 25M Share Stock Offering
Erin Kutz2/5/10
Art Technology Group (NASDAQ: ARTG), an e-commerce software and service company in Cambridge, MA, announced its plans to sell 25 million shares of common stock at $3.50 a share in an underwritten public offering. Morgan Stanley and Deutsche Bank Securities will serve as underwriters for the deal, and will have the 30-day option to purchase as many as 3.75 million additional shares to cover over-allotments. ATG, which said the proceeds of the stock sale could go to future acquisitions, paid $17 million in cash in January to acquire InstantService, a Seattle-based provider of SaaS-based live chat services. [Editor's Note 02/09/10: A previous version of the story mistakenly listed the offering as 25,000 shares. We regret the error.]
Erin Kutz is an Associate Editor for Xconomy. You can reach her by e-mail at ekutz@xconomy.com or by phone at (617) 252-0700, or follow her on Twitter at @erkutz.
