Processing Company Acquired by Intuit

Electronic Clearing House Inc. has been acquired by Intuit Inc. for $142 million, the company announced Thursday. The purchase is the second in as many weeks of a San Fernando Valley company by Intuit, a provider of business and financial management solutions for small and mid-sized businesses. Camarillo-based Electronic Clearing House provides debit and credit card processing and check verification services to merchants, banks, and collection agencies. The acquisition expands Intuit’s reach and capabilities in the fast-growing payments market, said Intuit President and Chief Executive Officer Steve Bennett. “It will enhance our leadership position with small and medium-size businesses and accelerate growth,” Bennett said. While expanding the company’s customer base and sales and distribution channels, it also gives Intuit an expanding presence in the west Valley. Mountain View-based Intuit announced Nov. 30 the acquisition of Calabasas-based online banking software company Digital Insight for $1.35 billion in cash. The Electronic Clearing House transaction is subject to regulatory review, shareholder approval and customary closing conditions. The transaction is expected to close in the first quarter of calendar year 2007 at which time Electronic Clearing House becomes a wholly owned subsidiary of Intuit.