MYOB is buying Paycorp Payment Solutions for $48 million

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MYOB, an Australian cloud software group, has agreed to buy Paycorp Payment Solutions for $48 million.

The acquisition will be funded with existing cash and is expected to close in April, MYOB said in a statement.

The deal will add 6,500 clients to MYOB, which has launched online and mobile payment products. The market for fees from payments through accounting software is estimated at more than $700 million in Australia and New Zealand, MYOB said.

MYOB has 1.2 million clients in the small to medium businesses and the payments business would create additional revenues, it said.

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