The online retailer has spent nearly $300 million acquiring three shipping software vendors over the past nine months.
Art Technology Group also reports higher net income this year than last. The company predicts a strong finish to 2009.
Art Technology Group Inc. today reported a 6.3% growth in revenue in the third quarter and improved net income. The e-commerce technology provider predicts a strong fourth quarter.
“Revenue, bookings and net income growth exceeded our expectations in the third quarter,” says Bob Burke, ATG’s president and CEO. “Looking ahead to the fourth quarter, we are very excited about the level of sales activity and demand we’re seeing in the market for our commerce solutions and expect a strong finish to the year.” Burke told analysts today that some retailer clients are starting to see improved online sales, contributing to the company’s optimistic outlook.
For the third quarter, ATG reported:
- Revenue increased 6.3% to $43.4 million from $40.8 million in the same period last year.
- Net income increased to $3.96 million from $786,000 in the year-ago quarter.
- During the quarter, ATG won contracts to provide its e-commerce platform to multichannel retailer J.C. Penney Co. Inc., No. 15 in the Internet Retailer Top 500 Guide, toy manufacturer Lego Group and Chilean department store chain Falabella.
For the first nine months of 2009, ATG reported:
- Revenue was $129.7 million, an 8.8% increase from $119.2 million during the same period of 2008.
- Net income was $11.6 million versus $292,000 in the first three quarters last year.