Story image

MYOB's Paycorp acquisition to create 'brand new revenue stream'

02 Mar 2017

MYOB has entered in to a sale and purchase agreement to acquire Paycorp Payment Solutions for $48 million.

The acquisition will be funded from the company’s existing cash reserves and is expected to be complete by 1 April 2017.

Tim Reed, CEO of MYOB, says they are pleased to announce the acquisition as it brings significant growth opportunity for the company in the payment service industry. 

“We know from our clients, that cash flow is consistently the number one pain point for small business operators and we are delighted that we can bring together a solution that enables our clients to reduce administration time and costs and improve cash flow through the automation of payment services for their businesses,” he explains.

“Through this acquisition, we will be the first to market with an integrated payment and accounting solution to our clients, which will create a new revenue stream for MYOB while staying true to our vision of helping businesses succeed.”  

The acquisition will also strengthen margins for existing MYOB connected services by allowing MYOB to have direct commercial, contractual and operational relationships with the acquirers and payment processors. 

John Caliguri, CEO of Paycorp, adds that they are also excited about the partnership, providing online solutions to businesses across Australia and New Zealand.

“This is the opportunity we’ve been looking for to deliver fully integrated payment solutions to many more clients across Australasia, and thereby help them improve their cashflow.”

How big data can revolutionise NZ’s hospitals
Miya Precision is being used across 17 wards and the emergency department at Palmerston North Hospital.
Time's up, tax dodgers: Multinational tech firms may soon pay their dues
Multinational tech and digital services firms may no longer have a free tax pass to operate in New Zealand. 
Spark’s new IoT network reaches 98% of New Zealand
Spark is the first company to confirm the nationwide completion of a Cat-M1 network in New Zealand.
WhatsApp users warned to change voicemail PINs
Attackers are allegedly gaining access to users’ WhatsApp accounts by using the default voicemail PIN to access voice authentication codes.
Robots to the fore – Key insights for New Zealand Business into RPA in 2019
From making artificial intelligence a business reality to closer ties to human colleagues, robotic process automation is gearing up for a strong 2019.
50 million tonnes of e-waste: IT faces sustainability challenges
“Through This is IT, we want to help people better understand the problem of today’s linear “take, make, dispose” thinking around IT products and its effects like e-waste, pollution and climate change."
Vocus & Vodafone unbundle NZ's fibre network
“Unbundling fibre will provide retail service providers with a flexible future-proofed platform regardless of what tomorrow brings."
IDC: A/NZ second highest APAC IoT spenders per capita
New IDC forecast expects the Internet of Things spending in Asia/Pacific excluding Japan to reach US$381.8 Billion by 2022.