Micros Systems, which provides technology solutions for the hospitality industry, is being sold for more than US$5 billion.
The company said it has entered into a definitive agreement to be acquired by California-based IT company Oracle. Micros stockholders will receive US$68 in cash for each share of common stock they hold, with the total purchase price representing an equity value of approximately US$5.3bn.
Micros said its board of directors had “unanimously approved the transaction”.
“Micros has been focused on helping the world’s leading brands in our target markets since we were founded in 1977, including running more than 330,000 sites across 180 countries today,” said Peter Altabef, president & CEO of Micros.
“In combination with Oracle, we expect to help accelerate our customers’ ability to innovate and differentiate their businesses by utilising Oracle’s technologies, cloud solutions, and scale. We are very excited about the great opportunities this will create for our customers and employees.”
Micros offers a range of solutions for the hotel, restaurant, retail and casino sectors, including the Opera Property Management System (PMS) and Opera Reservation System (ORS), which is used by several major hotel groups.
The company said the Oracle takeover would enable it to combine its “industry-specific applications with Oracle’s business applications, technologies and cloud portfolio” to provide a series of “complete, open and integrated solutions”.
“We anticipate delivering compelling advantages to companies within the hospitality and retail industries with the acquisition of Micros,” said Oracle’s president Mark Hurd.
The transaction is expected to close in the second half of 2014.