Oracle close to buying Micros for over $5bn
Oracle is nearing a deal to buy Micros Systems for over $5bn (€3.69bn), sources said. Chief executive Larry Ellison is making the move to combat slowing growth by adding software for hotels and restaurants.
Oracle and Micros are in exclusive talks, though the two sides could still fail to reach an agreement, the sources added.
Mr Ellison is looking to acquisitions to fuel expansion after 10 quarters of sluggish sales growth. Oracle was late to the market for internet-based cloud software and is now rushing to remake itself as a provider of gear and programs to underpin its clients' shift to Web-based computing.
Based in Columbia, Maryland, Micros sells software and services for hotels, restaurants, and retailers.
Oracle came close to acquiring Micros about six years ago, one source said. Micros chairman Tom Giannopoulos, who was CEO at the time, flew to California to sign a deal, only to have it fall through at the last minute. (Bloomberg)