Xero announced a deal to acquire small business payments platform Melio for $2.5 billion and fill a gap in its offerings by integrating accounting and bill payments.

The Australia-listed accounting-software provider Xero will partly fund the largest acquisition in its 19-year history with a $1.2 billion institutional placement.

Cloud accounting platform Xero announced it will acquire payments solution provider Melio . Join our community today and get unlimited access to Accounting Today.