(Screenshot via micros.com)
The Columbia point-of-sale and IT firm Micros Systems rang up a big purchase Monday: itself.
In what was last week the tech world’s worst-kept secret (including in this Baltimore Business Journal report), Oracle and Micros agreed to a $5.3 billion deal, the Baltimore Sun reports. That’s $68 per share in the Columbia firm and a premium over Micros’ Friday closing price on NASDAQ.
“Oracle has successfully helped customers across multiple industries, harness the power of cloud, mobile, social, big data and the internet of things to transform their businesses,” Oracle president Mark Hurd said in a statement. “We anticipate delivering compelling advantages to companies within the Hospitality and Retail industries with the acquisition of MICROS.”
The deal, unanimously approved by Micros’ board, is expected to close by the end of the year, the Sun reports. Oracle first tried to acquire the 37-year-old firm six years ago, according to the BBJ report.
“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,” Peter Altabef, Micros president and CEO said in the release. “We are very excited about the great opportunities this will create for our customers and employees.”
Micros offers point-of-sale technology in the hospitality and service industries, from hotels to fast-food restaurants and shops.