Wednesday, October 1, 2008

Oracle Buys Advanced Visual Technology Ltd.

Redwood Shores-based database giant Oracle said today that it is in an agreement to acquire Advanced Visual Technology Ltd., a developer of software used for 3D planning by retailers. Financial terms of the deal were not disclosed. Advanced Visual Technology's software is used by retailers to design and plan out retail floor space, to help stores increase the profitability of their locations. According to Oracle, the employees and management of AVT will become part of Oracle's Retail Global Business Unit. The deal is expected to close this year. AVT was venture backed by Foresight Group and SPARK Ventures.