Intuit Buys Electronic Clearing House

Mountain View-based Intuit said Thursday afternoon that it is acquiring Camarillo-based Electronic Clearing House, in a deal worth $142M in cash. Intuit said it has signed a definitive agreement to acquired ECHO for $18.75 in cash for each share of ECHO common stock. Electronic Clearing House is a provider of payment processing serviecs, including check, bank card, check verification, and other serviecs. Intuit said it made the acquisition to enhance its leadership position with small and medium sized businesses. The acquisition is expected to close in the first quarter of 2007. ECHO was advised by Wedbush Morgan Securities in the acquisition.