Intuit (NASDAQ:INTU) has signed an agreement to purchase Camarillo, Calif.-based payment processing company Electronic Clearing House (NASDAQ:ECHO). ECHO provides electronic payment processing solutions, including check, debit card and credit card processing, as well as check verification, collection, and guarantee services and automated clearinghouse capabilities.
"We expect ECHO's technology and operational assets will help us accelerate Intuit's growth and strengthen our expanding small business ecosystem that includes the fast-growing payments space,” Brad Smith, senior vice president and general manager of Intuit's small business group, said in a statement.
The deal will allow Intuit to round out its payment offering with check services. The company will be able to offer solutions to merchants that address the most commonly used payment methods. The transaction is expected to close in the first quarter 2008.