A U.S based multinational computer technology corporation, Oracle (NYSE: ORCL) has finalized its plan to purchase MICROS Systems (NASDAQ: MCRS), a well known manufacturing company that sells computer hardware, software, and offers services for the restaurant point of sale, hotels, and specialty retail markets for $5.3 billion.
Oracle has also agreed upon paying $68 per share in cash that sums up the acquisition at approximately the price Oracle is buying MICROS Systems.
MICROS Systems has continuously been offering enterprise services within the hospitality and retail industries. The company was founded in 1977, and works in association with more than 330,000 sites in 180 countries to date.
“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. We anticipate delivering compelling advantages to companies within the hospitality and retail industries with the acquisition of MICROS,” said Oracle President Mark Hurd in prepared remarks.
According to Oracle Corporation, acquisition of MICROS Systems will help the company expanding the services in hospitality and retail industry, and will be beneficial in terms of creating a stronger position in industries where there is always a golden ray of hope for the technology proliferation.
The MICROS System’s acquisition is said to be the largest acquisition Oracle has ever made since the purchase of Sun Microsystems in 2010, which costed $7 billion for Oracle that time.
Oracle has already acquired about 100 companies in the last decade, and they have continuously been experiencing the incremental revenue generation since then.