By acquiring ECHO, the company will expands its payroll and payments service.
Intuit (NASDAQ:INTU) has completed the acquisition of Electronic Clearing House (ECHO), an electronic payment processing solutions provider specializing in check conversion, automated clearing house capabilities, check verification, guarantee services, collection, and debit card and credit card processing.
The integration of ECHO's technology and operational assets is expected to accelerate Intuit's growth and expand its small business customer base. ECHO's products and services will be available on a standalone basis and as part of Intuit's small business financial services portfolio.
The purchase of ECHO was for approximately $131 million. The company is now a part of Intuit's payroll and payments business segment.