New Zealand accounting software giant Xero agreed to buy U.S.-Israeli payments provider Melio for as much as $3 billion, the companies said on Wednesday, accelerating the Kiwi firm's push into the U.S.

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.

BENGALURU] Xero, New Zealand’s information technology giant, said on Wednesday (Jun 25) it would buy US-headquartered fintech firm Melio for an upfront consideration of US$2.5 billion, aiming to more than double its group revenue by 2028.