NEW YORK ( TheStreet) -- Shares of Radiant Systems (RADS) jumped in late trades on Monday after the Alpharetta, Ga.-based developer of retailing technology products agreed to be acquired by NCR Corp. (NCR - Get Report) for $1.2 billion in cash.
The deal, which has the approval of both companies' boards, is structured as a cash tender offer that values Radiant shares at $28 each, a premium of 30.5% to Monday 's closing price of $21.45, and 38.5% to the 50-day moving average of $20.21.
"Radiant Systems has delivered 15 percent compounded annual revenue growth over the last five years, along with impressive margin expansion as a result of the high customer demand for its expansive software offerings," said Bill Nuti, NCR's chairman and CEO, in a statement. "This acquisition will enable our companies to accelerate expansion through the powerful combination of each other's strengths and NCR's track record of driving transformational change."
Shares of Radiant were last quoted right at $28 with volume of around 460,000, according to Nasdaq.com. NCR's stock ticked up 2% to $19.50 but volume was less than 5,000.Radiant Systems, which is primarily known for its point-of-sale hardware and software products, reported an adjusted profit of $9.5 million, or 23 cents a share, for its fiscal first quarter ended on March 31 with revenue of $87.1 million, up 10% year-over-year.