MyECheck Inc., the Folsom-based developer and licenser of electronic check services, has completed its acquisition of Seergate Ltd., developer of an electronic payment software platform for banks.
The local firm said it acquired 100 percent of Seergate’s stock in exchange for 150 million shares of MyECheck common stock, representing about 3.6 percent of the total issued.
Seergate, founded in 2007, is an Israeli corporation with offices near Atlanta. The Seergate system has been integrated with the MyECheck payment systems.
MyECheck customers include corporations, retailers, governments, payment processors and financial institutions. Revenue is from transaction fees collected for data processing, check authorization and fraud-mitigation services, as well as software and licensing fees.
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