MyECheck Inc., the Folsom-based developer and licenser of electronic check services, announced Friday that it has signed an agreement to acquire Seergate Ltd., developer of an electronic payment software platform for banks.
The local firm said it will acquire 100 percent of Seergate’s stock in exchange for a minimum $3 million in shares of MyECheck common stock.
The Seergate system will be integrated with the MyECheck payment systems.
Seergate, founded in 2007, is an Israeli corporation with offices in Atlanta. The company raised several million dollars from investors to develop a payment platform targeting small business, electronic commerce and personal money movement; it has been implemented with banks in the United States. The platform can manage various financial services, including mobile payments/transfers, automated billing and refund transactions.
Officials expect the pending acquisition to close in about six weeks, subject to certain closing conditions and the integration of technology 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.
Call The Bee’s Mark Glover, (916) 321-1184.