MYOB acquires Paycorp Payment Solutions
Australian software company MYOB Group has completed the acquisition of Paycorp Payment Solutions.
Founded in 2001, Paycorp offers payments services to over 6,500 clients across multiple industries, including banks, insurance, telecommunications, utilities and government.
As part of the deal, MYOB has integrated Paycorp’s payment acceptance process into its accounting software flows to enable businesses to automate payment services.
MYOB in a statement said that the integrated offering will strengthen margins and create new revenue opportunities for the company.
MYOB CEO Tim Reed said: “We are delighted to announce the completion of the Paycorp acquisition, which we believe opens up a significant growth opportunity for us in the rapidly expanding payment services industry.
“The acquisition reinforces our vision and strategy of providing innovative solutions to our clients, and follows the successful launch and traction of MYOB’s PayDirect Mobile and PayDirect Online solutions currently in the market.
“We are particularly excited by the opportunity to offer a solution that enables our clients to reduce administration time and costs and critically improve cash flow through the automation of payment services for their businesses.”
Under a deal signed in February 2017, MYOB agreed to acquire Paycorp for A$48m ($37m).