Intuit Completes Acquisition of Electronic Clearing House
MOUNTAIN VIEW, Calif. – Intuit Inc. (Nasdaq: INTU) today announced it completed its acquisition of Electronic Clearing House Inc, or ECHO.
ECHO, based in Camarillo, Calif., is a leading provider of electronic payment processing solutions, including check conversion, automated clearing house capabilities, or ACH, as well as check verification, guarantee services, collection, and debit card and credit card processing.
The total purchase price was approximately $131 million on a fully diluted basis. The acquisition was announced Dec. 19, 2007. With the close of this transaction, ECHO’s business becomes a part of Intuit’s Payroll and Payments business segment.
The integration of ECHO’s technology and operational assets is expected to help accelerate Intuit’s growth and strengthen its expanding small business ecosystem that includes the fast-growing payments segment. ECHO’s products and services will be available on a standalone basis and as part of Intuit’s small business financial services portfolio.
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