CheckFree to acquire Intuit Services Corp.

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CheckFree Corp. Monday announced it will aquire Intuit Services Corp., a wholly owned subsidiary of Intuit, for an estimated $227 million. After completion of the acquisition, CheckFree will be the provider of home banking and bill payment services for more than 180 financial institutions. The acquisition will bring CheckFree's base of home banking and bill payment users to over one million. "This acquisition makes us the go-to service company for electronic commerce, and with the shift from paper to electronic commerce clearly underway, that's a good position to be in," said Pete Kight, Chairman and CEO of CheckFree.

Copyright September 1996 Crain Communications Inc.

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