Australian accounting software company MYOB is buying New Zealand HR and payroll software company PayGlobal.
MYOB is buying a 54 percent shareholding in PayGlobal from New Zealand infrastructure investor Infratil for $9.2 million, however, it was not prepared to disclose the price it is paying for the remaining 46 percent. It will fund the acquisition, which is scheduled to be completed on 31 August, from cash reserves.
MYOB chief executive Tim Reed said the acquisition broadens the range of HR and payroll solutions the company provides to the mid-to-large-size market in Australia and New Zealand.
"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," he said.