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Intuit Deal to Acquire Camarillo Company Falls Through

A deal by business software maker Intuit Inc. to acquire Camarillo-based Electronic Clearing House Inc. has been terminated, the company announced Tuesday. Intuit and ECHO agreed to release each other from the acquisition agreement struck Dec. 14 in which Mountain Valley-based Intuit would buy ECHO for $142 million. No specifics were offered. “Our overall strategy for growth in the payments market has not changed,” said Intuit President and CEO Steve Bennett, in a statement. “The payments market continues to be an important part of our business strategy.” ECHO provides debit and credit card processing and check verification services to merchants, banks and collection agencies. In November, Intuit acquired Calabasas-based online banking software company Digital Insight for $1.35 billion in cash.

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