Oracle Corp. has announced it will purchase Micros Systems for a deal worth $5.3 billion, according to a report by Reuters.
The company is looking to expand its offerings for the hospitality and retail industries and feels Micros Systems will help it accomplish just that.
"The offer of $68 per share represents a premium of 3.4 percent to Micros' Friday close," the report said.
The deal is the largest one made by Oracle since it purchased Sun Microsystems in 2010 for $7.4 billion.
Last week, the company confirmed disappointing fourth quarter results, including $11.3 billion in revenue, according to USA Today.
"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," said Oracle President Mark Hurd in a statement, according to USA Today. "We anticipate delivering compelling advantages to companies within the hospitality and retail industries with the acquisition of MICROS."
Founded in 1977, Micros Systems makes point-of-sale software and hardware for hotels and restaurants.
"We expect to help accelerate our customers' ability to innovate and differentiate their businesses by utilizing Oracle's technologies, cloud solutions and scale," says Peter Altabef, president and CEO of MICROS, in a statement, according to USA Today.
Its shares were trading at $67.20 before the bell today, June 23.
Company shares have increased 14 percent since it was first reported by Bloomberg back in June that the two companies were working on a deal.
"It is clear to us that the company needs to quickly put more 'growth fuel in its engine' to catalyze growth in the top-line," Ives said.
The deal will likely close during the second half of 2014.
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