MYOB to buy Paycorp Payment
Australian software firm MYOB Group has agreed to purchase Paycorp Payment Solutions, in a deal valued at AUD48m ($37m).
Paycorp offers a secure payments service to more than 6,500 clients across multiple industries, allowing customers to receive and process secure payment transactions such as credit card, direct debit and BPAY.
MYOB said that it will integrate Paycorp’s seamless payment acceptance process into its accounting software flows, which will enable businesses to automate payment services.
MYOB CEO Tim Reed said: “We are pleased to announce this deal with Paycorp, which brings significant growth opportunity for us in the payment service industry.
“Through this acquisition, we will be the first to market with an integrated payment and accounting solution to our clients, which will create a new revenue stream for MYOB while staying true to our vision of helping businesses succeed.”
The transaction, which will be funded from the company’s existing cash reserves, is likely to conclude by 1 April 2017.