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.

New Zealand cloud-based accounting software company Xero Limited (ASX: XRO) has announced that it has entered into a binding agreement to acquire 100% of Israeli fintech company Melio. Xero will make an immediate payment of US$2.