MOUNTAIN VIEW, Calif. – Intuit’s on-again, off-again deal to acquire the Electronic Clearing House is on again, the two companies announced yesterday.
Intuit will pay $17 a share, or $131 million for ECHO, the provider of electronic payment processor, down from $18.75 a share, or $142 million the two companies had agreed on earlier this year. The deal was terminated in March after a dispute arose over the purchase price.
The agreement comes at a steep premium for Intuit, as ECHO shares closed yesterday on the Nasdaq at $7.90.
Last week ECHO reported a $2.4 million loss for its fiscal year, ended Sept. 30.
The deal represents a continued expansion of Intuit into the market for financial institutions, following the acquisition earlier this year of Digital Insight, a leading provider of Internet services for credit unions and banks.
