Oracle made a big splash in the healthcare space Monday, announcing plans to purchase electronic health records company Cerner for $28.3 billion.

The second largest software company in the world had reportedly been nearing a deal to acquire Kansas City, Missouri-based Cerner on Friday. Oracle’s official all-cash tender offer is for $95 per share in equity, making it the firm’s largest transaction to date.

Company officials say the new acquisition will give medical providers a “new generation” of easy-to-use digital tools, access to information in cloud-based applications, and lower administrative workloads and healthcare costs.

"Working together, Cerner and Oracle have the capacity to transform healthcare delivery by providing medical professionals with better information—enabling them to make better treatment decisions resulting in better patient outcomes," Larry Ellison, chairman and chief technology officer at Oracle, said in a statement.

The move is expected to significantly increase Oracle’s revenue in the coming years, particularly as it expands into additional markets around the world.

Both parties expect the transaction will be finalized in 2022.

"Cerner has been a leader in helping digitize medical care and now it's time to realize the real promise of that work with the care delivery tools that get information to the right caregivers at the right time," President and CEO of Cerner David Feinberg added. "Joining Oracle as a dedicated industry business unit provides an unprecedented opportunity to accelerate our work modernizing electronic health records, improving the caregiver experience, and enabling more connected, high-quality and efficient patient care.”