Bill Holdings denies media report on Melio deal

(Reuters) -Software services provider Bill Holdings on Thursday denied a media report that said it was pursuing an acquisition of Melio Payments.

Bloomberg News reported on Wednesday the company was in advanced talks to acquire Melio and the deal values the provider of digital payment tools at $1.95 billion.

Bill Holdings is not pursuing any such acquisition at this time, the company said.

The company's shares were down 16.3% earlier on Thursday, but pared some losses to trade 8.3% lower.

Last week, the company forecast annual and second-quarter adjusted net income below expectations as some of its larger businesses scale back spending.

Bill Holdings, which has a market capitalization of about $6.64 billion, provides financial automation software services to small and midsize businesses.

(Reporting by Granth Vanaik and Jaiveer Shekhawat in Bengaluru; Editing by Shilpi Majumdar and Shounak Dasgupta)