C$ cMoney, a Houston-based technology company, and US Dataworks, located in Sugar Land, Texas, announced today that they have entered into a strategic alliance agreement for shared technology and support of the upcoming product launch of the C$ cMoney mobile payment application.
C$ cMoney has developed a new and innovative way to send money and pay for goods and services using a cell phone. Furthermore, the C$ cMoney application will eliminate the risk of identity and credit card theft for users. When it is released later this spring, the C$ cMoney mobile application will enable consumers to download and use it with virtually any mobile device.
"The use of this revolutionary mobile payment system will allow consumers to make inexpensive money transfers as well as pay for goods and services anywhere that cash, checks or credit cards are accepted," explained Jennifer Pharris, CEO of C$ cMoney, Inc.
Charles E. Ramey, CEO of US Dataworks, added, "We are pleased to have been chosen to be a significant strategic partner for C$ cMoney's mobile application solution. US Dataworks' platform will complement the C$ cMoney solution. The combination of the two technologies should be very synergistic in this important, new payment method."
The strategic alliance agreement was negotiated on behalf of C$ cMoney by its investment banker Robert Gandy of Pythagoras Group. Terms of the strategic alliance agreement were not released other than C$ cMoney agreed to pay an upfront payment for a license and a warrant position.
The strategic alliance agreement will also create vertical synergies. According to Pharris, "We look forward to a long-term strategic partnership with US Dataworks, beginning with the launch of C$ cMoney's new mobile payment application, as we continue to expand into a multitude of new, evolving payment channel opportunities."