Oracle, Fortinet: Morning Tech Bytes
NEW YORK (TheStreet) -- Shares of Fortinet (FTNT) - Get Report were up in pre-market trading Tuesday despite denying takeover rumors that pushed the stock up more than 23% Monday.
Fortinet is not holding acquisition talks with
IBM
(IBM) - Get Report
, the network security systems-maker said Monday in response to a report from
Bloomberg News
.
The stock was up 1.25% to $32.38 in pre-market trading Tuesday.
Oracle
(ORCL) - Get Report
has acquired e-commerce software company
Art Technology Group
( ATG) for about $1 billion, the company announced Tuesday. ATG's e-commerce platform is highly complementary to Oracle's customer relationship management, retail and supply chain applications, the company said in a statement.
Shares of Oracle rose 0.24% to $29.20 in pre-market trading Tuesday.
IAC
(IACI)
-owned online business directory
Citisearch
announced Monday it was laying off most of its editorial staff and shifting to a freelance system. Citisearch competes with sites like
Yelp
to provide reviews and recommendations of local businesses.
Shares of IAC were up 0.05% in after-hours trading Monday to $27.77.
News Corp
(NWSA) - Get Report
announced Monday that it will acquire a minority stake in Los Angeles-based online advertising company
The Rubicon Project
in exchange for its online ad group Fox Audience Network.
Rubicon Project also said separately that it had raised $18 million in a new funding round, bringing its total funding to $60 million. The company said it will generate more than $100 million in revenue this year, excluding the Fox Audience Network acquisition.
Shares of News Corp closed at $14.51 Monday.
Social news aggregator
announced Monday that its top exec,Christopher Slowe, is leaving the company. Slowe will be joining Reddit co-founders Steve Huffman and Alexis Ohanian at their new airiline flight search startup,
Hipmunk
. Reddit was purchased by
Conde Nast
in 2006.
--Written by Olivia Oran in New York.
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