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April 4, 2017

MYOB acquires Paycorp Payment Solutions

Australian software company MYOB Group has completed the acquisition of Paycorp Payment Solutions.

By Verdict Staff

Australian software company MYOB Group has completed the acquisition of Paycorp Payment Solutions.

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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).

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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