In February, MYOB announced it had entered into a sale and purchase agreement to acquire Paycorp Payment Solutions Pty Limited (Paycorp) for a consideration of $48 million.
Yesterday MYOB confirmed its acquisition of Paycorp was completed on 1 April 2017 as predicted, funded by MYOB’s existing cash reserves.
“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,” said Tim Reed, CEO of MYOB.
“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.”
The acquisition will enable MYOB to be the “first to market” with an integrated payment and accounting solution for its client base in Australia and New Zealand, which will allow clients to automate payment services, creating efficiencies in cash flow and reducing administration time and costs.
“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,” Mr Reed said.