21 Jul 2011

Xero to buy Paycycle

7:11 pm on 21 July 2011

Online accounting software company Xero is to acquire leading Australian online payroll provider Paycycle for $1.9 million.

The company made the announcement at its annual meeting on Thursday afternoon, saying

the acquisition will accelerate Xero's growth in the Australian market.

Xero says its total paying business customers have risen by a quarter in the last three months to 45,000.

Revenues for the year to the end of June are $15 million.