Oracle (ORCL) said Monday that it will pay $68 for each Micros (MCRS) share, a 3 percent premium to the company's $65.77 Friday closing price.
Shares of Micros gained $1.43, or 2.2 percent, to $67.20 in premarket trading Monday.
Oracle expects the deal to immediately add to its adjusted earnings. Its stock climbed 18 cents to $41 before the market opened.
Micros' board unanimously approved the transaction, which is expected to close in the second half of the year.
Oracle is based in Redwood Shores, California. Micros Systems is headquartered in Columbia, Maryland.
Last week Oracle reported fourth-quarter results that missed Wall Street's expectations, hurt in part by the devaluation of Venezuela's currency.
(This is a breaking news story. Check back for updates.)