New Zealand accounting software giant Xero agreed to buy New York payments provider Melio for $2.5 billion, the companies said on Wednesday, accelerating the Kiwi firm's push into the U.S. with the country's biggest outbound deal in over a decade.

Xero Ltd., a cloud-based accounting software firm, agreed to buy Melio Payments Inc. for $2.5 billion as the New Zealand company pushes deeper into the US market with its biggest-ever acquisition.

New Zealand-based accounting software provider Xero (OTCPK:XROLF) is acquiring New York-based payments platform Melio for $2.5B. Xero said Melio is a U.S. small and medium business, or SMB, bill pay platform that seamlessly integrates Accounting and Payments,