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MICROS Systems, Inc. Acquires the Hospitality and Retail Subsidiaries of RedSky IT
Columbia, MD—January 30th 2007—MICROS Systems, Inc. (NASDAQ:MCRS), a leading provider of information technology solutions for the hospitality and retail industries, is pleased to announce the acquisition of the Hospitality-Travel and Retail subsidiaries of RedSky IT, one of the UK's premier IT application software developers.
RedSky IT Hospitality-Travel software is a single source for the delivery of a comprehensive portfolio of integrated, highly functional hotel PMS software solutions targeted toward the limited-service, independent and economy hotel market.
RedSky IT Retail has unparalleled expertise in the food and retail marketplace, offering an industry leading lifecycle management and supply chain traceability product to the grocery industry. RedSky IT’s Retail customers include the 4 largest grocers in the United Kingdom. With the acquisition of RedSky IT Retail, MICROS’s retail division will now boast an expanded infrastructure and presence in the UK through which to offer its complete portfolio of feature-rich retail applications.
“The acquisition of RedSky IT provides MICROS a complementary set of products and allows us to expand our customer footprint,” stated Tom Giannopoulos, Chairman, President and CEO of MICROS Systems, Inc. “Current RedSky IT customers will also benefit by the acquisition as they will be working with an established company with a long history and a deep product portfolio. We look forward to welcoming RedSky IT’s employees and customers to the MICROS family.”
The total purchase consideration for the stock in the acquired companies is approximately $32 million in cash. The transaction is expected to be neutral to MICROS’s earnings per share in the fiscal year ending June 30, 2007, and accretive to earnings per share in fiscal year 2008 and beyond. In fiscal year 2008 and fiscal year 2009, MICROS expects sales in connection with the acquisition in the amount of approximately $22 million to $25 million and $30 million to $32 million, respectively.
MICROS’s stock is traded through NASDAQ under the symbol MCRS. Some of the statements contained herein are not based on historic facts are forward-looking statements that involve risks and uncertainties. An example of a forward looking statement includes the statements in the paragraph where MICROS provides guidance for its fiscal 2007 year ending June 30, 2007, fiscal year 2008 and fiscal year 2009. MICROS is subject to, among others, the following uncertainties and risks: product demand and market acceptance; impact of competitive products and pricing on margins; product development delays and technological difficulties; integration issues; controlling expenses as MICROS continues to expand; the ability to obtain on acceptable terms the right to incorporate in MICROS’s products and services technology patented by others; the risk that there are actual or perceived security vulnerabilities in MICROS’s products; adverse results in legal disputes resulting in liabilities that exceed reserves; unanticipated tax liabilities; the effects of terrorist activity and armed conflict; the effects of major environmental disasters; weakening in general economic conditions that adversely affect demand for computer hardware or software; and currency fluctuations.
About MICROS Systems, Inc.
MICROS Systems, Inc. provides enterprise applications for the hospitality and retail industries worldwide. Over 220,000 MICROS systems are currently installed cruise, table and quick service restaurants, hotels, motels, casinos, leisure and entertainment, and retail operations in more than 130 countries, and on all seven continents. In addition, MICROS provides property management systems, central reservation and customer information solutions under the brand MICROS-Fidelio for more than 20,000 hotels worldwide, as well as point-of-sale and loss prevention products through its subsidiary Datavantage for more than 50,000 specialty retail stores worldwide. MICROS stock is traded through NASDAQ under the symbol MCRS.
|MICROS-Fidelio UK Ltd - Press Contact:|
MICROS-Fidelio UK Ltd
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MICROS Systems Inc.
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Web – www.micros-fidelio.co.uk