MICROS Systems, Inc., a provider of information technology solutions for the hospitality and retail industries, has entered into a definitive agreement to be acquired by Oracle. As cloud, mobile, social, big data and the internet of things make an impact, companies across industries are seeking to modernize in order to compete more effectively, the companies contend. The addition of MICROS extends Oracle's offerings by combining MICROS' industry-specific applications for hotels, food & beverage facilities, and retailers with Oracle's business applications, technologies and cloud portfolio.
"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 and CEO, MICROS. "In combination with Oracle, we expect to help accelerate our customers' ability to innovate and differentiate their businesses by utilizing Oracle's technologies, cloud solutions, and scale. We are very excited about the great opportunities this will create for our customers and employees."
"We are committed to protecting and enhancing customer investments in MICROS solutions. MICROS' management and employees will form a dedicated business within Oracle to maintain their focus on serving customers," said Bob Weiler, Executive Vice President, Oracle Global Business Units. "Our industry organizations maintain deep domain expertise and focused investment, which includes more than 18,000 Oracle employees and over $500 million in annual R&D spend. This model has proven highly successful across several industries, and we look forward to bringing these same benefits to the customers of MICROS."
The transaction is expected to close in the second half of 2014, subject to MICROS stockholders tendering a majority of MICROS' outstanding shares and shares representing vested equity incentive awards in the tender offer, certain regulatory approvals and other customary closing conditions. The purchase price represents a fully-diluted equity value of approximately $5.3 billion, or $4.6 billion net of cash.
For more information on MICROS, visit the MICROS website at www.micros.com.