Micros Systems, which provides information technology solutions for the hospitality and retail industries, has agreed to be acquired by Oracle. The proposed transaction is expected to close in the second half of the year; until then the companies will operate independently.

Oracle, with more than 18,000 employees and over $500 million in R & D spending, is an integrated hardware and software company, with products designed to work together in the cloud and the data center in a layered system that simplifies IT management. It currently claims more than 400,000 customers in over 145 countries.

Micros provides software, hardware and cloud solutions that manage hotel, food and beverage operations and retailers. The company's 6,600 employees assist over 330,000 customers in 180 countries. Its products are used worldwide in hotels, casinos, table and quick-service restaurants, leisure and entertainment, fuel and convenience, cruise and travel operations. It provides cloud-based, mobile and on-premise solutions.

Under the terms of the agreement, Micros stockholders will receive $68.00 in cash for each share of common stock they hold. The purchase price represents a fully diluted equity value of approximately $5.3 billion, or $4.6 billion net of cash.

The addition of Micros extends Oracle's offerings by combining Micros' industry-specific applications with Oracle's applications, technologies and cloud portfolio. The combination of the two companies will help hotels, food and beverage facilities and retailers accelerate innovation and satisfy customers with complete, open and integrated solutions.

"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. We are very excited about the great opportunities this will create for our customers and employees," said Peter Altabef, president and CEO.

Oracle President Mark Hurd added "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."

The addition of software and cloud solutions for the hospitality and restaurant industries may also help Oracle rejuvenate top-line growth that has stagnated in the past three years.

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