MYOB is buying Paycorp Payment Solutions for $48 million

Photo: Getty Images

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.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.