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Intuit to Buy ECHO PDF Print E-mail
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 The deal is similar to one announced and then withdrawn in early 2007.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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