InComm, which offers prepaid gift cards, reloadable debit cards and other payment products, has acquired Medagate Corp., the company behind OTCNetwork, an over-the-counter health benefits payment platform.
InComm buys payment tech provider Medagate
Terms of the deal were not disclosed, and Medagate will now operate as a wholly owned subsidiary of InComm, according to an InComm news release.
Medagate's technology allows members of private health plans, Medicare and Medicaid to spend monthly healthcare benefits using a gift-card-like system based on what is called a closed-loop payment network, according to the release. The two companies had partnered on a product in 2010 for use by Medicare enrollees.
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