MyECheck, an electronic check payment services provider, has completed the purchase of Seergate, a developer of a cloud platform for billing and payments.
As part of the acquisition, the Seergate system has been integrated with the MyECheck payment systems adding new capabilities to MyECheck’s payment platform.
With the acquisition of Seergate platform, MyECheck can operate a closed loop payment system independent of third party software platforms.
MyECheck has acquired 100% of the stock of Seergate in exchange for 150,000,000 shares of MyECheck common stock.
The purchase of Seergate platform will add to MyECheck capabilities including Virtual bank accounts with sub-account creation and management, mobile payments, transfers and pos commerce systems and automated billing, invoicing and payments for business.
In addition, the new capabilities will also include Refunds, pay outs and bank account push transactions, multiple layers of authentication and fraud controls as well as social network payments.
Seergate co-founder and CEO Eldad Aharoni said: "We are thrilled to join the MyECheck team. As a result of this acquisition MyECheck will be able to bring additional value and innovation to all merchants, enabling them to transact anywhere in the cloud and/or in person with a one stop shop."