MYOB Finance NZ, a subsidiary of MYOB Holdings Pty, has signed a conditional agreement to purchase Christchurch-based PayGlobal.
PayGlobal offers HR and payroll solutions for companies in NZ and Australia. According to MYOB, Payglobal’s suite is a natural extension to MYOB’s existing accounting software suites and customers, and will form part of its larger busienss offering.
MYOB CEO, Tim Reed said, “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. Over the past three years we have invested over NZ$100 million in research and development to provide comprehensive solutions that make business life easier.”
Financial details of the acquisition were not disclosed.
MYOB will fund the acquisition from existing cash reserves. The acquisition is scheduled to be completed on 31 August 2014.