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Intuit announced Dec. 19 that it will pay approximately $131 million to
acquire electronic payment processing solutions provider Electronic Clearing
House (ECHO). Intuit said the acquisition will help it deliver
solutions that address the most commonly utilized payment options, such as
credit card, debit card, automated clearing house, gift card, check
verification, collection, guarantee, and conversion. The deal is similar to one announced and then withdrawn in early 2007.
Among ECHO's offerings are
check, debit card, and credit card processing, as well as check verification,
collection, guarantee services, and ACH capabilities. Following the deal's
expected closure in the first quarter of 2008, ECHO will become a wholly owned
Intuit subsidiary. "Since our last discussions with ECHO, we've continued to
survey the market and believe today, as we did then, that ECHO is a great
strategic fit for Intuit," said Intuit small business group general manager Brad
Smith.
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