On the heels of its $1 billion-plus acquisition of online banking services provider Digital Insight, Intuit Inc. continued bolstering its niche offerings by inking a $142 million deal to acquire payments processor Electronic Clearing House Inc., or Echo.Under the terms of the agreement, the financial and accounting software concern will pay $18.75 per share in cash in exchange for each share of Echo common stock, including shares that are issuable upon exercise of options.
Upon the close of the deal, which at press time was expected during the first quarter, Echo will become a wholly-owned subsidiary of Intuit. The deal was approved by the boards of both companies.
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