Some nine months after an initial deal fell through, Intuit Inc. has acquired e-commerce firm Electronic Clearing House Inc. Intuit will pay $131 million, or $17 per share, for Camarillo-based Electronic Clearing House. The acquisition must be approved by ECHO shareholders and is expected to close in the first quarter of 2008. A year ago, Intuit announced an agreement to acquire ECHO, a deal which went south several months later after it became public that ECHO was assisting in a federal investigation into online gaming sites. The company was never charged with any wrongdoing. Intuit and ECHO now say that conditions are more favorable for an acquisition. “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,” said Brad Smith, senior vice president and general manager of Intuit’s small business group.
