Electronic Clearing House Inc. (ECHO) in Agoura Hills, has acquired Magic Software Development Inc. of Albuquerque, N.M., for 1 million shares of ECHO stock. Up to 1 million additional shares of ECHO stock will be paid to Magic shareholders under a performance clause.
Magic develops and provides electronic check-cashing services. ECHO provides credit card processing, check guarantee and inventory tracking services to retail merchants. The company also designs and manufactures software and hardware to support these services.