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New Zealand-based small business platform Xero is set to acquire Melio for $2.5b. The deal gives Xero access to Melio’s service, a small and medium-sized business (SMB) bill pay platform linking accounting and payments.
Xero CEO Sukhinder Singh Cassidy said: "We're thrilled to announce we're acquiring Melio, a leading US B2B payments platform that strongly aligns with our 3x3 strategy and US growth ambitions. Adding Melio's world-class team, technology platform, and innovative A/P solutions to Xero enables a step change in our North America scale and the potential to help millions of US SMBs and their accountants better manage their cash flow and accounting on one platform. Xero and Melio are highly complementary — together they complete the key jobs to be done for US SMBs, extend reach across customer segments, provide both direct and syndicated offerings, and deliver multiple revenue drivers."
