The firm, PayGlobal, offers HR and payroll solutions that are accessed by over 500,000 employees from leading companies in both Australia and New Zealand.
Tim Reed, MYOB’s chief executive officer, said he is excited by the acquisition and what it means for MYOB.
“The union leverages the strengths of both organisations to broaden the range of leading HR and payroll solutions MYOB provides to the mid- to large-size market in Australia and New Zealand and creates new opportunities for PayGlobal clients,” he said.
“In introducing complementary solutions to our popular EXO offering for larger businesses – a market we continue to focus heavily on – MYOB is also demonstrating our commitment to invest exclusively in the local market.”
“Over the past three years we have invested over NZ$100 million in research and development to provide comprehensive solutions that make business life easier,” said Mr Reed.
PayGlobal Chairman, Greg Lancaster said PayGlobal looks forward to accelerated market penetration of its HR and payroll solutions with MYOB.
“PayGlobal already has both a high-quality client base and a high-calibre team across Australia and New Zealand and is a natural fit with MYOB’s direction, which will offer new and existing clients – as well as the team – exciting opportunities,” Mr Lancaster said.
The acquisition is scheduled to be completed on 31 August 2014 and will be funded by MYOB’s existing cash reserves.