LONDON (ShareCast) - Secure payment products providers Eckoh has signed a "significant" five-year multi-million dollar distribution agreement with an unnamed US partner.

Eckoh, which helps merchants become compliant with the Payment Card Industry Data Security Standards and to reduce the risk of fraud, did not disclose the other party but said it is a "leading US-based provider of business process outsourcing and communications services".

The company said it is benefiting from a recent string of high-profile data breaches which have "substantially" increased the interest for deploying secure payment solutions Stateside.

The agreement kicks off in July and has minimum revenue payments to Eckoh over the five-year term totalling $24m, which become payable based on achieving certain sales criteria, measured annually.

The partner has an "extensive telephony infrastructure" that processes billions of phone-based transactions on behalf of many of the largest US corporations every year, Eckoh said.

The company said this new deal will help it to target net customers, as well as the partner's existing US customer base, "which includes over 80% of the Fortune 500 and covers a wide-reaching portfolio of sectors, including financial services, healthcare, retail and telecommunications".

"Today's announcement represents a significant strategic milestone for Eckoh coming so soon after outlining our US expansion plans," said Chief Executive Nik Philpot.

"Given that our US partner is such a preeminent communications and outsource provider, working with so many large US organisations, we believe they are the perfect partner to help us quickly deliver significant sales growth from the US market," he said.

BC

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