Xero to acquire Melio for AUD4.6bn.

Xero, a technology company that offers a cloud-based accounting software platform for small and medium-sized businesses, agreed to acquire Melio, a company that provides online payment solutions for small businesses, for AUD4.6bn. "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," Singh Cassidy Sukhinder, Xero CEO.