MyECheck has reached an agreement to buy the electronic payment software platform developer Seergate.

As part of the deal, MyECheck will acquire all of Seergate's stock in exchange for a minimum of $3 million of MyECheck stock shares, according to a Jan. 30 press release. 

When the deal closes in March, the Seergate system will be integrated into the MyECheck payment systems. Seergate's payment platform targets small businesses, e-commerce and personal money movement.

Through this integration,MyECheckwill be able to operate a closed-loop payment system independent of third-party software platforms. It will also have the following capabilities: virtual bank accounts, mobile payments, transfers and POS commerce systems, automated billing, invoicing and payments for businesses, social network payments, refunds, payouts and bank account push transactions, and multiple layers of authentication and fraud controls. 

MyECheck is also planning to release its mobile payment app in approximately six weeks, including Seergate technology. The Folsom, Calif.-based MyECheckpostponed its app launch last year due to "a service partner delay." 

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.