Intuit Inc. has purchased the payment processor Electronic Clearing House Inc.
Intuit, of Mountain View, Calif., completed the $131 million transaction last week and has folded the Camarillo, Calif., company into its payroll and payments business unit.
Intuit announced in December 2006 that it was buying Echo but put the deal on hold in March 2007 without explanation, though some analysts speculated the decision was related to Echo's involvement in a federal investigation of Internet gambling (Echo was never accused of wrongdoing). In December, Intuit said it was ready to proceed with the deal.
Intuit has long been known for its personal financial management, tax preparation, and small-business bookkeeping software, but in the past year has revamped itself to focus on electronic payments. In February 2007 it bought Digital Insight Corp., gaining access to the online banking business, for $1.3 billion.
